Korean online banks’ loans up 8% in Q1

Newly-launched Toss Bank extended the most loans.

South Korean online banks’ loans grew nearly 8% in the first quarter of 2022, reports Yonhap, based on industry sources.

Outstanding household loans by the three online banks–Kakao Bank, K-Bank, and Toss Bank–rose 7.9% to $29.7n (KRW36.14t) as of end-March compared to the last quarter of 2021.

The increase rate puts financial authorities in a great position to meet their target of a 4-5% growth for the full year.

Toss Bank, which began operations in early October last year, reportedly extended the largest amount in the January-March period at some 1.84 trillion won. 

K-Bank increased household loans by 720 billion won, with those by Kakao Bank gaining by some 100 billion won.