KakaoBank posts record Q1 profit, eyes Thai expansion after Indonesia

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KakaoBank posts record Q1 profit, eyes Thai expansion after Indonesia - Korea Economic Daily

Quick Summary:

KakaoBank Corp., a leading South Korean internet-only bank, posted its highest quarterly profit in the first quarter, defying a drop in interest income, as the digital lender saw a surge in non-interest revenue and platform usage.

However, Bangkok’s recent push to liberalize the sector has presented a rare opportunity.“This is a critical moment,” said a senior executive at a domestic lender.“If KakaoBank manages to break into Thailand, it could set a precedent and open the door for others.”By In-Soo Namisnam@hankyung.comJennifer Nicholson-Breen edited this article.

While net interest income edged down 0.6% on-year to 502.7 billion won, KakaoBank’s earnings were buoyed by a sharp rise in non-interest revenue, including fees and income from its digital platform services.