K-Bank’s Q2 net jumps over twofold on noninterest income

South Korea's internet-only lender K-Bank said Tuesday its net profit more than doubled from a year earlier in the second quarter on a sharp increase in both interest and noninterest income. In the three months ended June 30, the bank's net income came to 34.7 billion won (US$25.3 million), compared with a net profit of 14.7 billion in the same period last year. The second-quarter net marks the second highest ever on a quarterly basis, following a 50.7 billion-won net profit posted in the first quarter. The bank said its interest income surged 26 percent on-year to 264.2 billion won in the second quarter, while its noninterest income more than doubled to 32.7 billion won over the cited period. As of end-June, its overall deposits stood at 21.85 trillion won, up 25.8 percent from a year earlier, with its outstanding loans coming to 15.67 billion won, up 23.7 percent on-year. Source: Yonhap News Agency