KakaoBank上半年净利润创新高，手续费利润同比增长92%

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Introduction & Market Context
KakaoBank presented its second quarter 2026 earnings results on August 5, 2026, reporting record first-half profitability driven by balanced expansion across both traditional banking and platform businesses. The South Korean digital lender’s shares rose 1.14% to $22,100 following the presentation, reflecting investor confidence in the company’s diversified revenue model and strategic expansion initiatives.
The earnings presentation highlighted a significant shift in KakaoBank’s business mix, with fee and commission profit surging 92% year-over-year while net interest income grew a solid 21%. This balanced growth strategy appears designed to reduce dependence on interest rate-sensitive lending income, a key differentiator from traditional banks.
Quarterly Performance Highlights
As shown in the following performance summary, KakaoBank delivered strong results across all major financial metrics for the first half of 2026.
The company’s customer base reached 27.63 million, adding 930,000 new customers year-to-date. Net interest income climbed to KRW 775.7 billion in the first half, while fee and commission profit nearly doubled to KRW 25.1 billion. Net profit hit a record KRW 328.0 billion, representing 24% year-over-year growth.
Operating revenue for the second quarter totaled KRW 829.0 billion, up 7% year-over-year, according to the company’s income statement. The growth came from multiple sources: interest revenue increased to KRW 690.4 billion, fee revenue reached KRW 63.4 billion, and platform revenue rose to KRW 25.3 billion.
The following breakdown illustrates the composition of operating revenue and its key components for Q2 2026.
Fee revenue remained dominated by debit card transactions at 67%, while platform revenue showed diversification across loan comparison (34%), advertising (31%), and other services. Interest revenue continued to be primarily driven by loans at 79%, with financial investments contributing 21%.
Customer Growth & Digital Engagement
KakaoBank’s digital-first strategy continued to drive user engagement across all age demographics, as illustrated in the customer base analysis.
Monthly active users (MAU) grew to 20.3 million in Q2 2026, up from 17.8 million in Q2 2024, while weekly active users (WAU) reached 15.0 million. Penetration rates increased across all age groups, with notable gains among younger and older demographics. The under-20 age group saw penetration rise from 27% to 31%, while the 60+ segment increased from 18% to 22%.
The company attributed this broad-based growth to new product launches and service diversification, including AI-powered features and enhanced platform capabilities.
Banking Business Performance
On the deposit side, KakaoBank faced temporary headwinds as customers shifted funds to capital markets. The following chart shows deposit trends and funding cost dynamics.
Total deposit balance grew 5% year-over-year to KRW 67.1 trillion but declined 3% quarter-over-quarter from the Q1 2026 peak of KRW 69.4 trillion. The company noted that July showed a return to net deposit growth. Funding costs improved, declining 2 basis points quarter-over-quarter to 1.82% on a quarterly basis, benefiting from lower costs on savings deposits.
The loan portfolio demonstrated more consistent growth, as shown in the following loan balance and net interest margin analysis.
Loan balance reached KRW 48.2 trillion, up 8% year-over-year and 1% quarter-over-quarter. SOHO (small office/home office) loans showed particularly strong momentum, surging 45% year-over-year to KRW 3.7 trillion. Unsecured personal loans grew to KRW 19.2 trillion, while housing deposit loans increased to KRW 14.8 trillion.
Net interest margin (NIM) improved significantly, rising 13 basis points quarter-over-quarter to 2.07% on a quarterly basis and reaching 2.00% on a cumulative first-half basis. This compared favorably to the four major banks’ cumulative NIM of 1.62%. The company attributed the margin expansion to higher asset yields and lower funding costs.
The company’s strategic focus on SOHO lending continued to pay dividends, with guaranteed and secured loans now representing 69.1% of the SOHO portfolio, up from 61.6% a year earlier. Management indicated plans to expand further into corporate lending through joint lending arrangements and the Mastern Capital acquisition.
Platform & Fee Business Expansion
The platform business emerged as a key growth driver, with the loan comparison service showing robust execution volume growth.
Loan comparison execution volume reached KRW 1,560 billion in Q2 2026, up 12% year-over-year and 17% quarter-over-quarter. The company expanded its partner network to 72 institutions, adding six new partners in the first half. A new auto finance product was scheduled to launch in September 2026, featuring competitive interest rates and same-day funding capabilities.
The investment platform showed explosive growth, as demonstrated in the following fund balance and market share trends.
Fund balance under management surged from KRW 0.3 trillion in Q2 2025 to KRW 1.8 trillion in Q2 2026, driving market share from 0.6% to 4.2%. The launch of the Investment Tab in Q2 2026 catalyzed a 3.2x increase in monthly active users for investment services. The MMF Box product, launched in June 2025, contributed significantly to the fund balance growth.
Advertisement revenue also accelerated, growing 81% year-over-year as the company increased premium ad inventory and expanded network advertising. The ad portion of platform revenue increased from 19% in 2025 to 31% in Q2 2026, driven by 38% traffic growth.
AI-Powered Innovation
KakaoBank’s positioning as an "AI Native Bank" gained traction with rapid adoption of conversational AI services and new AI-powered investment tools.
Conversational AI service users surged to 5.3 million in Q2 2026, representing a 15-fold year-over-year increase. The AI Investment Search feature, launched in April 2026, accounted for approximately 23% of all conversational AI interactions, providing users with market summaries and investment advice through natural language queries.
Strategic Expansion Initiatives
The company announced a major strategic move to expand beyond digital banking through the acquisition of Mastern Capital, as outlined in the following expansion roadmap.
KakaoBank signed a share purchase agreement in June 2026 to acquire a 100% stake in Mastern Capital, targeting entry into the KRW 249 trillion capital finance market. The acquisition aims to expand loan coverage into auto financing (15% of market), leasing (21%), and corporate lending (47%). The company expects to complete regulatory approval within 2026 and launch auto finance services within 2027.
The expansion plan follows a phased approach: Phase 1 focuses on auto finance to establish a stable foundation, Phase 2 targets SOHO and SME loan expansion, and Phase 3 aims for corporate and investment banking diversification.
Profitability & Operational Efficiency
The company’s profitability metrics showed consistent improvement despite higher infrastructure investments, as illustrated in the following operating profit and return metrics.
Operating profit reached KRW 194.0 billion in Q2 2026, up 14% year-over-year. Return on equity (ROE) climbed to 9.95% on a cumulative first-half basis, compared to 5.97% in 2023, while return on assets (ROA) improved to 0.86% from 0.72% over the same period.
The cost-to-income ratio improved to 34.2% on a cumulative first-half basis, down from 37.3% in 2023, demonstrating operating leverage despite a 17% year-over-year increase in selling, general and administrative expenses. The SG&A growth was primarily driven by IT expenses (up 35% YoY) and depreciation and amortization (up 50% YoY) following the full-scale operation of the company’s data center.
Asset Quality
Asset quality metrics remained stable across key indicators, as shown in the comprehensive asset quality overview.
The delinquency rate held steady at 0.51% in Q2 2026, while the non-performing loan (NPL) ratio was 0.54%. The credit cost ratio declined 4 basis points quarter-over-quarter to 0.51%. Loan loss allowance increased to KRW 543.0 billion, maintaining a coverage ratio of 209%, down from 219% a year earlier as the loan portfolio expanded.
Forward-Looking Statements
Management outlined an ambitious product pipeline for the remainder of 2026 and into 2027. Key launches include final payment loans for new homes in September 2026, a crypto asset home in Q4 2026, real estate-secured loan refinancing for SOHO customers in Q4 2026, and enhanced services for foreign residents with multilingual support.
The company also detailed payment product innovations, including a NEW Card with customizable benefit packs in October, a foreign residents card in October, and a foreign currency card with zero foreign transaction fees in December.
On the international front, KakaoBank signed a term sheet in July 2026 for equity investment in Mongolia’s M Bank, with due diligence scheduled for Q3 2026 and agreement signing targeted for Q4 2026. The company published its 2025 Sustainability Report, highlighting KRW 1.4 trillion in social value created and maintaining its AAA rating from MSCI ESG for two consecutive years.
The company expects full-year 2026 net interest margin to rise by more than 10 basis points from 2025 levels, assuming stable policy rates. Management targets double-digit deposit growth for the full year, supported by new products and services, while loan growth is expected to match 2025’s pace with stronger second-half performance.
Full presentation:
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