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29 trillion won gap in received balance… 13 million gap in platform subscribers
K Bank is set to compete fiercely with Kakao Bank by expanding loans to individual business owners.
According to the financial industry on the 14th, K Bank has decided to expand loans to individual business owners as a growth strategy for the remainder of this year. It has decided to utilize ▲CEO guarantee loans ▲CEO credit loans ▲CEO bankbooks ▲Business owner real estate collateral loans, etc.
K Bank continued to grow centered on loans until the first half of this year. It recorded its best performance for the first half of this year with a net profit of 85.4 billion won. Considering that its net profit for the first half of last year was around 25 billion won, it has increased by more than three times.
K Bank’s loan balance as of the first half of the year was 15.67 trillion won, a sharp increase of 23.7% from the first half of last year. Due to the increase in loans, K Bank’s interest income for the first half of the year was 264.2 billion won. It increased by 26% compared to the same period last year. K Bank said, “The increase in loans was centered on switching apartment mortgage loans,” and “The balance of apartment mortgage loans increased by 750 billion won in the second quarter, and 84% of this was found to be switching.”
However, the financial industry expects that K Bank will not be able to pursue loan growth through an increase in apartment mortgage loans in the future. This is because the financial authorities are closely monitoring household loans, and K Bank is also gradually raising its loan interest rates.
K Bank decided to raise interest rates for the fourth time on this day, following July 9, 23, and 30. It will be raised by 0.1% points (P). This is an increase of 0.4%P over two months. As of the end of July, it is 0.04%P higher than the housing mortgage loan interest rate of Kakao Bank, a competing internet bank. The higher the interest rate, the less attractive the loan product will be. Accordingly, K Bank has set a plan to continue its growth through self-employed loans rather than housing mortgage loans. However, the problem is that Kakao Bank also made the same plan.
Currently, the two Internet banks are neck and neck in terms of individual business loan interest rates. According to the Korea Federation of Banks, the current individual business credit loan interest rate is 5.81% for K Bank and 6.07% for Kakao Bank. K Bank is about 0.26%P more advantageous. On the other hand, the individual business guarantee collateral loan interest rate is 5.18% for K Bank and 5.33% for K Bank, making Kakao Bank 0.15%P more attractive.
Kakao Bank announced that it will activate individual business loans based on its total deposit balance of 53.4 trillion won and low-cost deposit balance of 30.38 trillion won as of the end of the first half of this year. Considering that K Bank’s total deposit balance is 23.97 trillion won, K Bank is far behind in terms of scale. Kakao Bank, which has more low-cost deposits, is likely to release individual business loan products with lower interest rates in the future.
There is also a large gap in the financial platforms that individual business owners should consider. Kakao Bank has 24 million customers, while K Bank has 11.47 million. Considering the advantages of individual business owners who will utilize the platform for business analysis and management in addition to loans, Kakao Bank, which has many people, is more attractive.
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