'Explosive Growth' K-Bank Surpasses 14 Million Customers... Assets Exceed 30 Trillion Won

Assets Surpass 30 Trillion Won in Q1, Marking Significant Growth
17,000 New Customers Acquired Through Refinancing Loans
Distinctive Services Drive Increase in Customer Inflow

K-Bank's customer base has surpassed 14 million, marking a period of explosive growth that also saw its total assets exceed 30 trillion won.

On June 12, K-Bank announced, "Compared to the end of 2023, when we had 9.53 million customers, we have attracted approximately 4.5 million new customers in just a year and a half." The company added, "This year, more than 250,000 new customers have joined K-Bank each month, resulting in an increase of 1.26 million customers in just five months."

Alongside customer growth, the size of K-Bank's assets has also expanded significantly. The bank's total assets increased by about 42%, from 21.4218 trillion won at the end of 2023 to 30.3945 trillion won in the first quarter of this year.

The age distribution of customers has also grown in a balanced manner. With a steady influx of both the MZ generation (Millennials and Generation Z) and middle-aged to older customers, K-Bank has expanded its customer base across all age groups. Compared to the end of 2023, the proportion of customers in their 20s or younger increased from 22% to 24%, while those in their 50s or older rose from 22% to 28%. Both those in their 30s and 40s accounted for 24% each.

Regionally, K-Bank saw a balanced usage rate nationwide. Customer distribution was highest in Gyeonggi Province at 28%, followed by Seoul at 21%. Incheon and Busan followed in order. By gender, 60% of customers were male and 40% were female.

The main factors behind K-Bank's customer growth are analyzed as follows: the competitive interest rates and convenience of its refinancing loans; the 'Plus Box' parking account, which attracted a large influx of idle funds; app-tech services that have appealed to customers in their 40s and 50s as well as those in their 20s and 30s; and character-themed check cards targeting the MZ generation.

First, loan services with competitive interest rates were a major driver of customer acquisition. In January last year, the refinancing loan infrastructure was expanded to include mortgage loans, which boosted interest in K-Bank's apartment mortgage and jeonse loans and led to increased customer inflow. From last year through the end of May this year, 17,000 customers switched to K-Bank's apartment mortgage and jeonse loans, collectively saving a cumulative 26.5 billion won in interest. The average annual interest savings per person amounted to about 1.6 million won.

The balance of the 'Plus Box' parking account surged by about 2.2 trillion won in the first quarter of this year alone, an increase of more than 24% compared to the end of last year. During the same period, the growth rate of demand deposit balances at commercial banks was just 7.5% (according to the Bank of Korea's Economic Statistics System), meaning K-Bank's growth was more than three times higher.

In particular, by offering an industry-leading annual interest rate of 2.4% on amounts exceeding 50 million won, K-Bank saw a notable influx of mass affluent customers (those with financial assets between 100 million and 1 billion won). In fact, about 60% of the increased balance consisted of funds deposited in excess of 50 million won, indicating that customers with substantial financial capacity are focusing their attention on K-Bank.

The app-tech service 'Receive Allowance' surpassed 1 million subscribers within two months of its launch, with 60% of users in their 40s and 50s. The 'Growing Money Tree' service, launched in March last year, has accumulated 2.35 million users to date, more than half of whom are in their 40s and 50s.

A K-Bank representative stated, "Reaching 14 million customers is the result of enhancing practical financial benefits and convenient everyday services. Going forward, we will pursue financial innovation by integrating digital assets and new technologies based on our AI technology competitiveness, providing customers with an even more convenient financial experience that they can truly feel."