No.1 Internet Bank K Bank Files Preliminary Listing Review "At Least 6 Trillion Won Giant Debuts on Stock Market"

[Asia Economy Reporter Lee Seon-ae] K-Bank, the first internet-only bank, is actively pushing for its debut on the domestic stock market.

On the 30th, according to the Korea Exchange's KOSPI Market Headquarters, K-Bank submitted its preliminary review application for stock listing. The lead underwriters are NH Investment & Securities, Citi Securities, and JP Morgan Seoul Branch.

This company, established as the first internet-only bank authorized by financial authorities, is pursuing an initial public offering (IPO) six years and six months after its founding.

The preliminary review for listing takes 45 business days, but it may take longer depending on the submission of documents and other circumstances.

In the financial investment industry, it is expected that if K-Bank goes public this time, its corporate value will be evaluated at a minimum of 6 trillion KRW and up to 8 trillion KRW.

K-Bank achieved a net profit of 22.5 billion KRW last year, marking its first profit in four years since its launch, and posted a net profit of 24.5 billion KRW in the first quarter of this year, exceeding the previous year's total. The number of subscribers, which was 2.19 million at the end of 2020, surged to 7.17 million last year and 7.8 million as of this date. During the same period, deposits increased from 3.75 trillion KRW to 12.1 trillion KRW, and loans grew from 2.99 trillion KRW to 8.7 trillion KRW. Last year, the partnership with the cryptocurrency exchange Upbit brought significant benefits from the 'coin boom,' and the company succeeded in retaining customers attracted by strengthening its own product competitiveness. Currently, the largest shareholder is BC Card, holding 33.7% of the shares.

Baek Doo-san, a researcher at Korea Investment & Securities, evaluated, "K-Bank exclusively provides real-name deposit and withdrawal accounts for Upbit, and due to the increased use of Upbit last year, the number of customers and deposit scale expanded significantly." He added, "Subsequently, the rapid capital increase, system improvements, and strengthened operations have enhanced competitiveness impressively." He continued, "In the first quarter of this year, won-denominated loans reached 7.8 trillion KRW, a 161% increase compared to 3 trillion KRW at the end of 2020. Housing mortgage loans and loans for individual business owners, which are implemented 100% non-face-to-face, have been launched consecutively, and with secured interest rate competitiveness, rapid loan growth is expected in the future."