Toss Bank, a net loss of 65.4 billion won in the first quarter… Customers exceed 3.3 million

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Total loans KRW 2.59 trillion, total receipts KRW 21 trillion
Over 1 month delinquency rate recorded 0.04%
Exceeded 3.3 million customers… 1st in the industry for loans to low and medium credit

Headquarters of Tossbank, Gangnam-gu, Seoul. [연합뉴스]

Toss Bank announced on the 31st that it recorded a net loss of 65.4 billion won in the first quarter of this year. This is due to the fact that 23.4 billion won in loan loss provisions was set aside to strengthen soundness. The number of registered customers exceeded 3.3 million within eight months of its launch. The proportion of loans to customers with low and medium credit also exceeded 35% for the first time as an internet-only bank.

Net interest income in the first quarter was a loss of 2.9 billion won, significantly lower than the loss of 11.3 billion won from the establishment in October last year to the end of last year. As of the end of the first quarter, the total loan balance was KRW 2.59 trillion, and the total received balance was KRW 21 trillion.

The soundness index was maintained at a lower level than that of commercial banks. The non-performing loan ratio (NPL) in the first quarter was 0.04%, and the delinquency rate for more than one month was 0.04%. As of the end of the first quarter of this year, the delinquency rate for won-denominated loans at domestic banks stood at 0.22% and for household loans at 0.17%.

1 customer sign up every 6 seconds after launch

Toss Bank announced that by the 30th of this month, a total of 3.31 million customers signed up and used Toss Bank. This is an increase of 2.06 million from 1.42,700 at the end of last year, meaning that one new customer came in every 6 seconds.

Two out of five customers are over 40, and the user base is expanding to all age groups. Customers in their 40s accounted for 24.2%, and customers in their 50s and over accounted for 18.7%.

Among all customers, 3,03,600 customers opened a Toss Bank account that provides an annual interest rate of 2%. The number increased more than 2.6 times from 1155,000 at the end of last year. There are 1.3 million regular customers who receive interest every day through the ‘Get Interest Now’ service.

At the end of this month, the proportion of loans to low-to-mid-credit borrowers was 35.2%. It increased significantly in two months from 31.4% in the first quarter of this year. According to the announcement of the Federation of Banks, as of the first quarter of this year, Kakao Bank’s ratio of loans to low-medium credit borrowers was 19.9%, K-Bank 20.2%, and Tossbank 31.4%.

Toss Bank provided a total of 1.418.5 trillion won in loans to low-medium and low-credit borrowers for eight months. An official of Toss Bank said, “When launching in October of last year, we made a promise to our customers that we would actively embrace customers with low and medium credit.

Reporter Lee Yong-woo lee.yongwoo1@joongang.co.kr


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