[Edaily Reporter Kim Se-yeon ] While internet banks have generally expanded their deposit bases, their net profit performance has been mixed. KakaoBank Corp.(323410)saw its cumulative net income rise 25% compared to last year, while Kbank recorded a slight decline. While both banks saw an increase in interest income from loans, one-time factors—such as KakaoBank Corp.’s investment valuation gains and the base effect resulting from Kbank’s large-scale sale of non-performing loans last year—drove the difference in their results. However, looking solely at the third quarter, both banks saw an increase in net profit, indicating an improving trend in their performance.

According to financial industry sources on the 4th, KakaoBank Corp.’s cumulative net income for the first three quarters of this year reached 469.8 billion won, a 25.2% increase compared to the same period last year. During the same period, Kbank’s net income decreased by 1.3% to 102.1 billion won. The gap in cumulative net income between the two banks was approximately 4.6 times.
One factor contributing to the difference in performance was one-time gains. KakaoBank Corp. recorded an unrealized gain of approximately 93.3 billion won in the first quarter of this year as the value of its stake in Superbank, an Indonesian digital bank, rose. Although this was not actual cash generated from the sale of the stake, it was recognized as a gain for accounting purposes, thereby contributing to the increase in net income not only for the first quarter but also for the cumulative period.
In contrast, Kbank’s earnings were weighed down by a decline in profits from the sale of loan receivables. Kbank’s profit from the sale of loan receivables decreased by approximately 33.8 billion won, falling from 84.0 billion won in the cumulative third quarter of last year to 50.1 billion won this year. Gains on the sale of loan receivables are profits generated when a bank sells loan receivables it holds to other financial institutions or similar entities. In particular, during the second quarter of last year, the bank sold a large volume of non-performing loans, generating 54.7 billion won in gains from sales in that single quarter alone. Since gains surged significantly at that time due to the intensive write-off of non-performing loans, a base effect has emerged this year, resulting in a relatively smaller scale of gains.
Looking at the third quarter alone, both banks saw improved performance. KakaoBank Corp.’s third-quarter net income was 141.7 billion won, a 27.2% increase from the same period last year. Kbank also saw an 119.2% increase to 42.1 billion won. However, despite more than doubling its third-quarter net income, Kbank was unable to offset its poor performance through the first half of the year, and its cumulative net income remained on a downward trend.
Future performance is expected to hinge on how well the banks can secure stable revenue through the expansion of corporate banking rather than relying on one-time gains. In fact, amid tightening regulations on household loans, both banks are positioning loans to sole proprietors and corporate clients as new growth engines. KakaoBank Corp. allocated 58% of its total net loan growth this year to loans for sole proprietors, while Kbank also increased its corporate loan balance by 89% compared to last year. As a result, diversifying their loan portfolios while moving away from a business structure centered on household loans—and simultaneously managing financial soundness—has emerged as a common challenge for both companies.
A Kbank official stated, “We will continue to secure new growth drivers by expanding our customer base through initiatives such as expanding into the corporate finance market and collaborating with external platforms.” KakaoBank Corp. also stated, “We plan to gradually roll out KakaoBank Corp.’s unique corporate banking services—including deposits, loans, and payment settlements—tailored for small and medium-sized enterprises.”