The Korea Herald


K-Bank meets 76% of deposit target in 45 days

By a2016032

Published : May 17, 2017 - 14:19

    • Link copied

K-Bank, South Korea's first Internet-only bank, said Wednesday it has achieved 76 percent of its full-year target of attracting deposits just 45 days after launching operations.

K-Bank, which was launched on April 3, has attracted 380 billion won ($339.2 million) in deposits, compared with this year's target of 500 billion won.

K-Bank has also made loans worth 310 billion won, compared with this year's target of 400 billion won, the bank said. 

(Yonhap) (Yonhap)

The pace of growth in K-Bank's deposits and loans is much faster than expected, financial authorities said previously.

The number of customers at K-Bank stands at more than 300,000 people, the bank said.

Internet banks offer banking and other financial services without physical branch networks.

K-Bank, which is open around the clock, offers ordinary deposits, time deposits and card loans with more favorable interest rates than the ones offered by traditional banks.

Another Internet bank, Kakao Bank, is expected to launch in late June. (Yonhap)