Internet-only lender K-Bank’s users rise by over 2 million in Q2

As of end-June the banks said that it has over 6.19 million customers.

South Korea’s first internet-only bank K-Bank said that its customers and deposits grew sharply in the second quarter (Q2) amidst the pandemic, according to a report by Yonhap News Agency.

K-Bank said that its number of customers is at 6.19 million as of the end-June, 2.28 million more than three months earlier.

The online lender's outstanding loans totaled $4.5 billion, up KRW1.29 trillion from the first quarter, which reportedly marks its largest quarterly increase.

Industry sources said that K-Bank's stellar Q2 growth resulted from its competitive deposit and lending rates, as well as its contact-free convenience.

K-Bank is controlled by a consortium of telecom giant KT Corp, Woori Bank and 19 other companies.