South Korea’s K-Bank quadruples net income in 2022: report

The neobank now has 8.49 million customers.

K-Bank, a South Korean internet-only bank, saw its net income quadruple to a record high in 2022, reports Yonhap News Agency, based on a press announcement released by the lender.

The bank reported a net income of $64m (KRW83.6b) in 2022, compared to KRW22.5b in 2021.

This is the second straight year that KBank reported a profit since it was launched in 2017, reports Yonhap.

It now has 8.49 million customers, up from 1.32 million in 2021. 

The amount of deposits KBank holds rose 29.2% in 2022 compared to the previous year, at KRW14.63t.