Seoul: Toss Bank, a South Korean internet-only bank, announced on Friday that it achieved a quarterly record-high profit in the third quarter due to a rise in interest income. The bank, which commenced operations in October 2021, reported a net profit of 41 billion won (US$27.9 million) for the July-September period, a significant increase from the 10 billion won recorded during the same period last year.

According to Yonhap News Agency, Toss Bank's cumulative net profit for the first three quarters of the year reached 81.4 billion won, showing a substantial rise from the 34.5 billion won net profit recorded over the same period in the previous year. The bank attributed this financial performance to the 627 billion won in interest income it accumulated from January to September, marking an 11 percent increase from the previous year.

By the end of September, Toss Bank's outstanding loans were reported to be 15.45 trillion won, while its deposits amounted to 30.4 trillion won. The number of the bank's customers increased by 23 percent year-on-year, reaching 13.7 million by the end of September.