KakaoBank (323410.KS) posted a first-quarter net profit of 187.3 billion won ($137 million), driven by expanded platform-based earnings and global investment returns. The figure marks the highest quarterly profit in the company's history. Non-interest income accounted for 37% of total operating revenue, while a 93.3 billion won valuation gain from the listing of Indonesia's Superbank was reflected in net profit, signaling tangible results from the bank's global strategy.
KakaoBank reported first-quarter operating revenue of 819.3 billion won, up 4.4% from a year earlier, the company said Tuesday. Interest income (516.5 billion won) and non-interest income (302.9 billion won) both grew evenly. The top-line expansion was accompanied by improved profitability, with net profit rising 36.3% year-on-year to 187.3 billion won — a record quarterly high.
Quarterly non-interest income surpassed 300 billion won for the first time. While traditional banks rely on interest-income-centered portfolios, KakaoBank has focused on diversifying its business beyond lending into fees, platform operations, and investment asset management. As a result, the share of non-interest income in total operating revenue edged up from 36% in the first quarter of last year to 37% this quarter.
Global expansion also delivered results. A 93.3 billion won valuation gain from the listing of Indonesian digital bank Superbank was reflected in net profit, accounting for 50% of the total. Superbank listed on the Indonesia Stock Exchange (IDX) in December last year. Its corporate value, assessed at 900 billion won at the time of listing, has since more than doubled. KakaoBank invested approximately 110 billion won for a 10% stake in Superbank, meaning the value of its holdings has also doubled.
KakaoBank plans to accelerate its global business. During the first quarter, it completed the establishment of "BankX," a preparatory entity for a digital bank in Thailand. The company also signed a memorandum of understanding with MCS Group, Mongolia's largest conglomerate, laying the groundwork for expansion into Central Asia. The partnership is expected to include strategic equity investment and joint development of alternative credit scoring models.
The bank also unveiled plans to launch financial services for foreigners in the fourth quarter, targeting approximately 20 million global customers. According to immigration statistics from the Ministry of Justice, long-term foreign residents in Korea total about 2.46 million, foreign visitors to Korea reach 16.37 million, and overseas Koreans number 2.47 million. KakaoBank has identified these groups as potential customers.
The customer base continues to expand steadily. As of the end of the first quarter, the number of customers stood at 27.27 million, an increase of nearly 2 million from 25.5 million a year earlier. Monthly active users (MAU) also hit a record high of 20.32 million, surpassing the 20 million mark. The company said deposit products such as group accounts and children's accounts, along with AI services, drove new customer acquisition.
KakaoBank plans to secure sustainable growth momentum based on its deposit competitiveness while continuing efforts to enhance shareholder value. "After expanding the shareholder return ratio to around 45% last year, we will raise it to 50% this year," a KakaoBank official said.
