Internet-only K-Bank sees net income nearly quadruple in 2022

• Published date: 02 March 2023
• Publication title: The Korea Times

K-Bank, a Korean internet-only bank, reported Thursday that its net income in 2022 nearly quadrupled to a record high thanks to a spike in interest income.

K-Bank's net income came to 83.6 billion won ($64 million) last year, up from a net profit of 22.5 billion won reported a year earlier, the company said in a press release.

Launched in 2017, K-Bank reported its first net profit in 2021 and stayed in the black for the second straight year.

The robust performance came as the bank drew more customers and deposits that could lead to an income from lending.

At the end of December, the number of its customers stood at some 8.49 million, up 1.32 million from a year earlier.

The amount of deposits held by the bank also jumped 29.2...