South Korean internet banking company Kbank announced Tuesday that it achieved a record-high net income of 128.1 billion won ($98.54 million) in 2024, a tenfold increase from 2023 and its highest annual profit to date.

The surge in earnings was driven by a sharp increase in the number of customers, with 3.21 million new users joining in 2024, bringing the total to 12.74 million. This marks the largest annual growth since the bank’s launch in 2017.

Kbank’s total deposits rose 49.8 percent on-year to 28.57 trillion won, led by competitive interest rates and the success of linked transaction services.

Meanwhile, loan balances grew 17.6 percent, reaching 16.27 trillion won, largely due to increases in secured lending, including apartment mortgage loans and digital business property loans.

Interest income grew 6.9 percent to 481.5 billion won, while noninterest income surged 81.4 percent to 61.3 billion won, boosted by higher investment returns, crypto-related transaction fees and platform-based revenue.

Kbank also strengthened financial inclusion, lending 1.17 trillion won to mid-to-low credit borrowers, surpassing its initial target. Additionally, the bank provided 5.1 billion won in interest relief for small businesses and donated to needy groups.

Despite such expansion, financial stability improved, with a lower delinquency rate of 0.90 percent and a higher Bank for International Settlements, or BIS, ratio of 14.67 percent.

“We were able to attain outstanding results by strengthening our portfolio and financial stability,” said Kbank CEO Choi Woo-hyung. “We will continue driving growth while enhancing financial soundness.”

By Park Soo-bin (spark@heraldcorp.com)