Toss Bank announced on the 31st that it achieved a net profit of 45.7 billion won last year.
According to Toss Bank, the results last year mark the first annual surplus since its launch. The bank has reported six consecutive quarters of profit since the third quarter of 2023.
At the end of last year, total assets amounted to 29.7 trillion won, an increase of 4 trillion won compared to the previous year. The balance of loans was recorded at 14.6 trillion won, and the balance of deposits was at 27.5 trillion won.
The amount for rents and deposits loans is 2.3 trillion won, a surge of 575% compared to 400 billion won the previous year. The scale of savings deposits has increased to 10.9 trillion won, nearly doubling from 5.5 trillion won the previous year. The net interest margin (NIM) stands at 2.53%, maintaining above 2%.
The number of customers reached 11.78 million, a 32.6% increase from 8.88 million the previous year. The proportion of loans to low and mid-credit borrowers is 33.96%, the highest level among internet-only banks.
The arrears rate is 1.19%, a decrease of 0.13 percentage points from 1.32% the previous year. The ratio of non-performing loans stood at 0.94%.
The provision for bad debts related to non-performing loans is 385.6 billion won, an increase of 62.4 billion won compared to the previous year. The bank has secured a bad debt reserve ratio of 281.87%, indicating sufficient capacity to absorb losses. The Bank for International Settlements (BIS) regulatory capital ratio increased to 15.90%, up from 12.80% the previous year, reflecting improved capital adequacy.
Lee Eun-mi, CEO of Toss Bank, emphasized, "Successfully achieving the first annual surplus in 2024 shows that we have proven to the market that we are establishing a foundation for sustainable innovation through quantitative and qualitative growth."