Toss Bank posts first quarterly profit in Q3 on rapid growth

With just two years passing since its launch in October 2021, Toss Bank posted a net profit of 8.6 billion won ($6.6 million) for the third quarter of this year, marking its first quarterly profit, according to the bank, Thursday.

“Toss Bank’s first quarterly profit turnaround is attributed to a rapid and balanced growth across three key indicators: the number of customers and the amounts of loans and deposits,” an official of the internet-only bank said.

As of the end of the third quarter, the number of customers exceeded 7.99 million, an increase of 1.1 million people, compared to the end of the previous quarter.

At the same time, the digital bank’s loan balance reached 11.2 trillion won, with its deposit balance amounting to 22.7 trillion won at the end of the third quarter. Each of these figures represent an increase of about 1.1 trillion won, compared to the previous quarter.

The bank’s loan-deposit ratio, which assesses a bank’s liquidity by comparing its total loans to its total deposits for the same period, has also increased to 55.6 percent, an increase of more than 5 percentage points compared to the end of the second quarter.

The bank’s delinquency rate fell to 1.18 percent, a decrease of 0.38 percentage points from the previous quarter’s 1.56 percent. The bank explained that the fallen delinquency rate demonstrates the effectiveness of its efforts to strengthen financial soundness.

Toss Bank vows to continue its efforts to grow into a bank that most faithfully brings about the values of inclusiveness and mutual prosperity for customers.