In 2022, the net income of Kakao Bank amounted to around 263 billion South Korean won, representing an increase from the previous year. The company, founded in January 2016, made losses in its first years, but began to turn a profit in 2019 with a net income of approximately 13.7 billion South Korean won. As one of the first digital banks in South Korea, Kakao Bank attracted over 10 million customers within just two years after its banking service went public in July 2017. The bank benefited in part from growing internet and mobile banking users in South Korea, especially after the outbreak of coronavirus (COVID-19) in 2020.
