K-Bank, a South Korean internet-only bank, reported Monday that its second-quarter net income decreased by 31 percent year-on-year due to increased loan-loss reserves. The net income was at 14.7 billion won (US$11 million) for April-June, compared to 21.3 billion won the same period the previous year. However, there was a 41 percent increase in net profit from the first quarter.
Interest income increased by 19 percent year-on-year to 107 billion won in the second quarter due to a larger customer base and more loans. Non-interest income was more than tripled to 7.4 billion won in the same period and reserves were set at 60 billion won.
At the end of December, the bank had 8.9 million customers and its net interest margin was 2.26 percent.
The corporate image of K-Bank is seen in this image provided by the company. (PHOTO NOT FOR SALE) (Yonhap)