K Bank Surpasses 9 Million Customers... "The Reason is Interest Rate Competitiveness"

Achieving 8 Million Customers in 10 Months

K Bank announced on the 9th that it has surpassed 9 million cumulative customers.

Launched in April 2017, K Bank exceeded 1 million cumulative customers in April 2019, then surpassed 3 million in February 2021 and 5 million in May of the same year. After reaching 8 million customers at the end of September 2022, it secured 9 million customers within 10 months.

Customers aged 50 and above showed the highest growth rate. The proportion of customers aged 50 and above, which was 16% at the end of 2021, rose to 21% by the end of July this year. The largest share was held by customers in their 30s (29%), followed by those in their 40s (25%) and 20s (23%).

As the total number of customers increased and the age groups diversified, the average deposit balance also grew. The average deposit balance per customer increased by 26% from the end of last year to the end of July this year. In particular, the average deposit balance per person in their 60s increased by 29%, showing the highest growth rate. By average balance, customers in their 40s hold the largest amount.

K Bank explained that the increase in subscribers was due to its competitive interest rates. As a result of lowering the interest rates on its representative loan product, apartment mortgage loans, six times from October last year to last month, K Bank handled 1.6 trillion KRW in new loans by the end of July this year. It also stated that it provided customers with benefits worth approximately 18 billion KRW through preferential interest rate applications and the abolition of early repayment fees on unsecured loans.

Interest rates on major deposit products such as the ‘CodeK Time Deposit’ and the parking account ‘Plus Box’ were also raised five times since October last year. Additionally, through the industry-first ‘Interest Rate Guarantee Service’ launched in November 2021, K Bank paid an additional 3.7 billion KRW in interest to about 75,000 customers over two years.

Seo Hoseong, CEO of K Bank, said, “Despite the difficult environment, we have surpassed 9 million customers as a result of our efforts to provide real benefits to customers. We will continue to grow in the second half of the year by launching differentiated new loan and deposit products and strengthening partnerships.”