이 기사는 2021년 08월 05일 06:27 thebell 에 표출된 기사입니다.

K bank, South Korea’s first internet-only bank, posted its first quarterly profit ever, paving the way for its planned initial public offering (IPO) in 2023.

The bank said Tuesday it recorded a net profit of 3.9 billion won ($3.3 million) in the second quarter, which is the first quarterly profit since its launch in April 2017.

K bank attributed this turnaround to a surge in its net interest income, which came to 70.9 billion won in the first half, up 3.8 times from a year ago. K bank had 6.19 million customers as of the end of June, adding 4 million in the first six months thanks to its partnership with the country’s largest cryptocurrency exchange Upbit. The bank recorded a non-interest income of 8.5 billion won in the second quarter.

It has to be seen whether the bank will be able to continue this momentum until the end of this year. But hopes are high as another internet-only lender KakaoBank recorded a yearly profit of 13.7 billion won in 2019 after posting its first quarterly profit of 6.57 billion won in the first quarter of that year.

K bank recorded a net loss of 12.3 billion won in the January-March quarter before it swung to a net profit of 3.9 billion won in the second quarter, which made its net loss amounting to 8.4 billion won in the first half. The lender may record a profit this year if it manages to keep the current trend.

K bank aims to post a profit in 2022 and go public in 2023. The bank’s planned IPO has to be preceded by a turnaround in 2022 to reach an appropriate valuation.

K bank’s partnership with Upbit and the soaring demand for mortgage loans have helped the lender grow this year.

Its rival KakaoBank’s successful IPO also has a positive impact on the K bank’s planned listing. KakaoBank has been recognized as a platform instead of an ordinary bank in its IPO, setting a high offering price, and industry watchers expect K bank to follow suit. KakaoBank listed its shares two and a half years after it swung to a net profit in 2019.

K bank recently increased its capital base to 2.1 trillion won by successfully raising 1.25 trillion won in a rights offering. KakaoBank’s capital amounted to 1.1 trillion won in early 2019 when it made a turnaround. (Reporting by Hyun-jung Kim)