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Kakaobank Reports Strong Growth in 2022 including Q4.

Source: Kakaobank

Kakaobank (KRX: 323410) reported a significant increase in operating revenue, operating profit, and net profit in 2022.

The bank’s operating revenue increased 50.8% year-on-year to KRW 1,605.8 billion, and net profit rose 28.9% to KRW 263.1 billion.

The bank’s deposit balance rose from KRW 30 trillion at the end of 2021 to KRW 33.1 trillion in 2022, with low-cost deposits accounting for 61.3% of total deposits.

The loan balance increased from KRW 25.9 trillion to KRW 27.9 trillion over the same period, driven by growth in low- and medium-credit loans, jeonse deposits, and housing mortgage loans.

Kakaobank’s operating revenue in the fourth quarter of 2022 was KRW 484.7 billion, up 56.8% year-on-year, and operating profit was KRW 85.8 billion, with net KRW 60.6 billion, up 65.0% and 67.4% year-on-year, respectively.

The number of Kakaobank customers reached 20.42 million at the end of 2022, a growth of 2.43 million compared to the end of 2021, and the number of monthly active users (MAU) was 16.44 million, the highest ever.

Regarding fees and platforms, check card payments increased by 18% year-on-year to KRW 21 trillion annually, and the market share of payment amounts grew steadily to 11.9%.

The number of firm banking transactions and foreign exchange remittances increased by 34% and 7% year-on-year.

The balance of unguaranteed unsecured loans for low- and medium-credit customers was KRW 3,241.4 billion at the end of 2022, up from KRW 2,464.3 billion at the end of 2021.

The balance sheet ratio increased by 8.4 percentage points from 17% at the end of 2021 to 25.4% at the end of 2022.

The net interest margin (NIM) was 2.48%, and the delinquency rate was 0.49% at the end of 2022.

Kakaobank plans to launch some new products and services in the coming months, including a “fandom-based” receiving the product in H1 2023 and a financial service for young people, “mini,” targeting a younger demographic.

The bank also intends to offer new credit products like mortgages and individual business loans.

It plans to launch fund distribution and various investment products in line with its future license acquisition schedule.

Please also read.

Kakaobank reveals its Q3 FY2022 business results.

Kakaobank reveals its Q2 2022 business results.

Kakaobank reveals its Q1 business results in 2022.

Kakaobank reveals its Q4 2021 earnings to the public.