A큐온 Savings Bank Turns Profitable in 1Q... Net Profit of 4.06117 Billion Won

Accuon Savings Bank announced on the 17th that it recorded a net profit of 4.06117 billion KRW in the first quarter of this year, successfully turning profitable. This achievement came after five quarters since the fourth quarter of 2022.

Operating revenue in the first quarter of this year was 124.5 billion KRW, a 7.1% increase compared to 116.3 billion KRW in the first quarter of last year. While there was an operating loss of 26.5 billion KRW in the first quarter of last year, operating profit for the first quarter of this year was recorded at 2.5 billion KRW.

Asset quality indicators worsened slightly. As of the end of the first quarter this year, the delinquency rate was 5.27%, up 0.18 percentage points from 5.09% at the end of last year. The delinquency rate related to real estate, including real estate project financing (PF) loans, construction, and real estate businesses, surged 2.93 percentage points from 7.1% at the end of last year to 10.03% at the end of the first quarter this year. However, the Basel III (BIS) capital adequacy ratio was raised from 11.62% last year to 12.02% in the first quarter of this year.

Accuon Savings Bank stated that despite the unfavorable market environment, it achieved profitability in the first quarter of this year through improvements in newly acquired assets and restructuring of the deposit product portfolio. When asset quality deteriorated in personal credit loans last year, the bank diagnosed issues in the existing loan models and strategies and made corrections. The restructuring of the deposit product portfolio to lower funding costs also contributed to the strong performance.

Going forward, Accuon Savings Bank plans to actively utilize a new alternative credit scoring model for personal credit loans to continue its growth trajectory. Based on the new model, it will expand the volume of new loans and implement strategies to improve profitability.

Kim Jeong-su, CEO of Accuon Savings Bank, said, “The results reflect the systematic management strategies established and executed company-wide since my appointment in May last year. We expect a net profit of 30 billion KRW by the end of the year, and we will do our best to respond swiftly and innovatively to the changing market environment and to become a savings bank that customers can trust and rely on.”