[THE INVESTOR] K bank, Korea’s first internet-only bank, has attained its full-year target for deposits and loans in just 70 days after its launch, industry sources said on June 15.

K bank, which was launched April 3, has attracted 520 billion won (US$464 million) in deposits while extending 480 billion won in loans, exceeding the combined full-year target of 900 billion won.

The pace of growth in K bank’s deposits and loans is much faster than expected. At the time of its launch, it aimed to lure deposits of 500 billion won for all of 2017, with the lending target set at 400 billion won.

Industry watchers attributed K bank’s stellar performance to the ubiquity of smartphones and its more favorable rates than offline lenders.

K bank allows people to open accounts around the clock using their smartphones. It also gives customers higher deposit rates than those offered by traditional banks.

By Alex Lee and newswires (alexlee@heraldcorp.com)