Toss Bank Turns First Profit in 22 Months Since Launch

Surplus of 1 Billion KRW as of the End of Last Month

Toss Bank recorded a profit for the first time since its launch in 2021.

On the 10th, Toss Bank announced that it turned a monthly profit for the first time at the end of last month. The profit amounted to approximately 1 billion KRW. Toss Bank stated, "This achievement came 22 months after launch and 19 months after resuming loan operations," adding, "Considering current cash flow and financial factors, unless there are major external variables, it is highly likely that the bank will continue to post profits in the third quarter of this year." Toss Bank, which launched in October 2021, had suspended loan operations just nine days after its launch and resumed them in January of the following year.

Toss Bank also announced plans to continue its growth by launching various products and services in the second half of the year. It plans to strengthen its loan portfolio by introducing products such as monthly rent deposit loans and a 'joint loan' model that promotes cooperation between internet banks and regional banks, thereby increasing interest income. At the same time, the bank intends to focus on securing loss absorption capacity to enhance management stability based on profitability.

The number of subscribers is also on the rise. As of the end of July this year, the cumulative number of customers exceeded 7 million, with the actual usage rate reaching 76%. Innovative services such as high-interest demand deposit accounts, the permanent right to request interest rate reductions, and 'Receive Interest Now' have driven this growth.

A Toss Bank representative said, "As a latecomer among internet-only banks, Toss Bank was able to achieve these results thanks to customer trust and support," and added, "We will strive to continue growth and stability by practicing our new management mission of 'a new banking experience that cannot go back to the old ways.'"