Seoul: Toss Bank, a South Korean internet-only bank, announced on Friday that it achieved record earnings in the first half of the year, attributing this success to an increase in interest income. The bank, which began operations in October 2021, reported a net profit of 40.4 billion won (US$29.1 million) for the January to June period. This marks a 65.1 percent increase from the 24.5 billion-won net profit recorded in the same period last year.
According to Yonhap News Agency, in the second quarter alone, Toss Bank saw its net profit reach a new quarterly high of 21.7 billion won. The bank disclosed that it generated an interest income of 417 billion won in the first half of the year, reflecting a 13.8 percent rise from the 366 billion won recorded in the same period the previous year.