Korea's best domestic bank 2020: kakaobank
It no longer suffices to define kakaobank as purely a digital bank. It is hands down Korea’s best digital lender, but it is so much more than just that.
In the first quarter of 2019, it reported its first-ever profit, making W6.56 billion ($6 million) – and it has improved from there. The bank generated net income of W45.3 billion in the first half of 2020, up 370% over the previous year. Deposits and loans doubled between the start of 2019 and the end of June 2020, while the number of issued debit cards doubled to 13.14 million.
Kakaobank, run by CEO Yoon Ho-young has achieved this growth without sacrificing its financial health. At the end of June 2020, it boasted a non-performing loan ratio of 0.26% and a capital adequacy ratio of 14.03%.
So much for the numbers. Kakaobank deserves this award because it worked hard to get where it is. It may look like a minnow next to the traditional banks – it had W20 billion in assets at the end of June 2020 versus about W400 billion at KB Kookmin Bank – but its rivals are scared.