Kakao Bank is seeing a surge in its stock price following its announcement of record-breaking performance last year.
As of 9:30 AM on Wednesday, Kakao Bank’s shares were trading at $15.5, up 5.16% from the previous day’s close.
On the same day, Kakao Bank reported an annual operating profit of 606.9 billion won ($420 million) and a net profit of 440.1 billion won ($304 million) for the past year.
These figures represent 26.8% and 24% annual increases, respectively, marking the company’s best performance to date. For the fourth quarter alone, Kakao Bank reported an operating profit of 115 billion won ($80 million) and a net profit of 84.5 billion won ($58 million).
Customer growth also remained strong. By the end of 2024, Kakao Bank had 24.88 million customers, attracting 2.04 million new customers in a year. Notably, the bank has captured over 80% of the population in their 20s and 30s and more than half (52%) in their 50s.
Kakao Bank set new records for user engagement, with 18.9 million monthly active users (MAU) and 13.6 million weekly active users (WAU). The average time Kakao Bank customers spent on apps and services in the fourth quarter of last year also increased by 27% compared to the previous period.