Q3 consolidated net profit reaches 32.9 billion won, operating profit 32.5 billion won
Payment and financial services post broad-based gains
Kakao Pay Insurance logs record quarterly sales, up 93% on-year
Kakao Pay said Tuesday its consolidated net profit for the period in the third quarter reached 32.9 billion won ($24.5 million), up 71.7% from a year earlier.
Operating profit for the same period surged 105.4% to 32.5 billion won, while sales rose 26.7% to 302.1 billion won. The company's cumulative net profit for the first three quarters of this year climbed 146.0% year-on-year to 117.2 billion won.
Both payment and financial services continued to grow compared with a year earlier. Total transaction volume in the third quarter reached 53.7 trillion won, up 14% on-year. Revenue-generating transactions within that figure grew 22% to 16.5 trillion won, surpassing 30% of the total.
Payment service sales rose 19% from a year earlier. Online payment transaction volume grew 18%, driven by steady gains across both Kakao affiliates and external merchants. Offline payment transactions increased 44%, while overseas payment transactions climbed 28%.
Financial service sales also rose 41% year-on-year. Insurance service sales jumped 80%, while investment and loan service sales grew 32% and 18%, respectively.
At Kakao Pay Securities, equity trading volume surged 139% year-on-year to 81.6 trillion won, and assets under custody rose 167% to 19.3 trillion won.
Kakao Pay Insurance set a quarterly sales record. Third-quarter sales reached 32.2 billion won, up 93% from a year earlier. Gross written premiums and regular premium payments grew 79% and 122%, respectively. New contracts for mobile phone insurance rose 127%, while new contracts for national health insurance increased 160% from the previous quarter.
Kakao Pay's standalone performance also continued its upward trajectory. Third-quarter sales on a separate basis rose 20% year-on-year to 204.9 billion won, surpassing the 200 billion won mark for the first time in a single quarter. Operating profit climbed 160% to 24.9 billion won, and net profit for the period reached 26.1 billion won. Standalone net profit rose 23.6% from 21.1 billion won in the previous quarter, moving in the opposite direction from the consolidated figure.
"This was a quarter that demonstrated the company's fundamentals and earnings power, backed by solid growth in our core payment business and improved financial health across our services, even amid market volatility," Kakao Pay Chief Executive Shin Won-geun said. "We will continue to pursue qualitative platform growth through close synergies within the Kakao Group, and do our utmost to deliver sound results that live up to the trust of the market and our shareholders."
snsd@heraldcorp.com
