Kakao Pay said on May 6 that it posted record highs in the first quarter, with revenue of 300.3 billion won and operating profit of 32.2 billion won.
On a consolidation basis, total payment volume (TPV) in the first quarter rose 15% from a year earlier to 50.9 trillion won. Revenue TPV increased 15% in the same period to 14.6 trillion won, maintaining 29% of total transaction volume for the second straight quarter.
By segment, the payment service grew 50% offline and 13% online, up 21% from a year earlier. Overseas payments also increased 20% in the same period. The remittance service rose 15% over the same period as transactions sending money to users' own accounts increased in line with the surge in stock transaction volume. Kakao Pay Money's recharge balance rose to 251.22 billion won, extending its growth.
Payment service revenue increased 13.3% from a year earlier to 138.4 billion won. In particular, online payments at external merchants, rather than Kakao group affiliates, grew 24%, driving revenue expansion.
Financial services came to 145.9 billion won, up 82% in the same period. Following last year, the investment and insurance services recorded revenue growth of 137% and 78%, respectively. Platform service revenue was 16 billion won. Advertising and telecommunications brokerage services continued to grow revenue, up 67% from a year earlier.
Consolidation operating expenses were 268 billion won. With strategic expense management and efficiency gains through AI use, advertising and personnel expenses decreased from the previous quarter.
Consolidation operating profit was 32.2 billion won, more than seven times a year earlier, marking an all-time high. The operating margin was 10.7%, entering double digits alongside the net profit margin of 11.6%. Net profit and EBITDA were 34.7 billion won and 40.8 billion won, respectively.