On the 30th, Toss Bank, an internet-only bank, announced that it posted a net profit of 18.7 billion won in the first quarter. This is a 26.2% increase compared to the same period last year (14.8 billion won), making it the largest quarterly performance ever.
This is due to an increase in interest income. Toss Bank's net interest income for the first quarter was 204.5 billion won, an increase of about 16.3% compared to the same period last year (175.9 billion won). The nominal net interest margin (NIM) for the first quarter was 2.60%, up 0.11 percentage points from the same period last year (2.49%).
The amount of loans also increased. At the end of the first quarter, the loan balance was 14.85 trillion won, an increase of 1 trillion won (7.2%) compared to the end of the first quarter last year (13.85 trillion won). During the same period, the deposit balance rose from 28.31 trillion won to 30.03 trillion won, an increase of 1.72 trillion won (6.1%).
Non-interest income for the first quarter recorded a loss of 15.2 billion won, a reduced deficit compared to the loss of 16.7 billion won in the first quarter last year. A representative from Toss Bank noted, "Most fees are free, so customer-related expenses are high, but the profitability structure in the non-interest sector is gradually improving due to diversification of revenue sources like asset management and joint lending, along with rapid growth."
The soundness indicators have improved. The overdue rate for the first quarter was 1.26%, down 0.08 percentage points from 1.34% in the first quarter last year. The ratio of non-performing loans also decreased from 1.19% to 0.98% during the same period.