Internet-only K-Bank flies high after 5 yrs of operation

K bank's headquarters in central Seoul (K bank)

K bank’s headquarters in central Seoul (K bank)

K-Bank, a South Korean internet-only bank, said Wednesday that it garnered more than 7.5 million customers in five years of its launch thanks to a steep increase in mid- and low-credit loans and the rising popularity of mobile banking.

K-Bank has enjoyed brisk business growth in the recent years, as during the pandemic customers increasingly sought mobile banking, which provides easier access than offline branches.

K-Bank’s loans grew 1.56 trillion won ($1.28 billion) per year on average since its launch in 2017, the bank’s data showed. Its average annual savings by customers stood at 2.31 trillion won during the cited period.

From its launch to March 2022, K-Bank has extended about 2.5 trillion won worth of loans to low- and mid-credit customers. The portion of such loans topped 20 percent of its total assets as of end-March.

K-Bank is one of the three internet-only banks operating in South Korea, along with Kakao Bank and Toss Bank. (Yonhap)

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