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KREDKRED
323410KOSPI

Kakaobank

19,860
-240 (-1.19%)

Price chart

  • MA5
  • MA20
  • MA60
Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

Kakaobank is an internet-only bank established on January 22, 2016. The company is listed on the KOSPI market and is headquartered in Seongnam, Gyeonggi-do.

The company operates banking and platform business segments via a mobile app. It provides deposit and loan products, foreign exchange services, and various financial partnership services to its customers.

Business overview as filed

국내 금융산업은 효율적 자금배분의 기능을 통해 실물경제의 발전을 지원하면서 성장해왔으며, 은행업은 시중은행 민영화와 자율화 정책 시행 등 질적인 구조변화를 겪으면서 독자적인 산업으로 경쟁력을 갖추게 되었습니다. 이러한 추세 속에 인터넷전문은행은 기술 주도의 금융시장 혁신과 소비자 효용 증대의 전략적 목표를 가지고 비대면 채널만을 주요 영업망으로 운영하는 무점포 형태의 디지털 은행입니다.인터넷전문은행은 2017년 출범 이후 기존 은행의 모바일뱅킹과는 차별화된 사용자경험과 고객 효용 중심의 상품 등을 제공하면서 사용자 기반을 빠른 속도로 확대하였습니다. 이는 오프라인 점포를 운영하지 않음으로써 절감되는 고정비 성격의 비용을 모바일 플랫폼과 상품 개발 등에 투자하면서 고객 효용을 개선시킬 수 있는 구조적 강점이 중요한 요소로 작용하였습니다.당사는 2017년 4월 「은행법」에 근거하여 은행업 본인가를 취득하였으며, 당해 7월부터 모바일 앱 기반의 사업을 영위하고 있습니다. 100% 모바일 기반의 혁신적인 UX, 유저 중심의 상품 및 혜택, IT 기술의 적극적인 활용 등의 강점을 기반으로 소비자의 효용과 편의성을 개선시키면서 금융산업의 혁신을 주도하는 플랫폼으로 성장하고 있으며, 공인인증서 대체기술 적용을 통한 인증 절차의 간소화와 비대면 금융서비스 강화, 고객 혜택 확대 등 소비자의 편익 증진을 목표로 기존 금융권과는 차별화된 미래 방향성을 모색하면서 금융생태계의 발전에 앞장서고 있습니다.

당사의 영업은 크게 뱅킹 비즈니스 부문과 플랫폼 비즈니스 부문으로 구분할 수 있습니다. 당사는 인터넷전문은행으로서 기본적인 여수신 상품을 포함한 은행업 상품 및 서비스를 제공하는 한편, 모바일 앱 기반의 디지털 플랫폼 사업자로서 금융업 뿐 아니라 비금융업 전반에 걸친 여러 파트너사들과 제휴하여 금융과 생활의 영역에서 고객들에게 다각적인 서비스를 제공하고 있습니다.

Company overview

가. 연결대상 종속회사 개황

당사는 보고서 작성기준일 현재 해당사항이 없습니다.

(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 주식회사 카카오뱅크이며, 영문명은 KakaoBank Corp. 입니다.

다. 설립일자 및 존속기간

당사는 2016년 1월 22일에 설립되었으며, 2017년 4월 5일 은행업 인가를 득하여 동년 7월 27일 대고객 영업을 시작하였습니다.

라. 본사 주소, 전화번호, 홈페이지 주소

-

주소: 경기도 성남시 분당구 분당내곡로 131, 판교테크원타워 11층- 전화번호: 1599-3333- 홈페이지: www.kakaobank.com

마. 회사사업 영위의 근거가 되는 법률

- 은행법- 인터넷전문은행 설립 및 운영에 관한 특례법- 금융회사의 지배구조에 관한 법률 등

바. 중소기업 등 해당여부

사. 주요 사업의 내용 및 향후 추진하려는 신규사업에 관한 간략한 설명

당사는 은행법에 따라 설립된 인터넷전문은행입니다. 현재 당사는 일반 수신 상품인 정기예금, 자유적금 뿐 아니라 모임통장, 26주 적금, 기록통장, 한달 적금 등 새로운 형태의 다양한 수신 상품을 공급하고 있으며, 비상금대출, 마이너스 통장대출, 신용대출, 주택담보대출, 전월세보증금대출, 개인사업자 대출 등 다양한 여신 상품을 공급하고 있습니다. 해외송금을 비롯해 달러박스를 통한 환전/ATM 출금 등 외환 사업도 확장하고 있습니다. 또한 금융 플랫폼 사업을 통해 주식계좌, 혜택 좋은 신용카드, 대출비교, 내 신용정보, 해외주식 투자, 펀드 등 다양한 제휴 상품/서비스를 제공하고 있습니다.당사는 고객의 합리적 금융생활을 지원하는 생활 밀착형 서비스도 지속 확장 중인 한편, 사용자 중심의 대고객 서비스와 생산성 향성을 위한 노력, AI 기술 리딩을 통해 AI Native Bank로서 AI 금융의 스탠다드를 이끌어 가고자 합니다.

아. 신용평가에 관한 사항

(1) 기업신용평가등급

(2) 신용등급체계 및 부여 의미(가) 한국신용평가

(나) 한국기업평가 (다) NICE신용평가

자. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

2.22%
[1.36%, 3.67%] · As of 2026-10-01
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 31.4% (2026-10-02). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.24
Beta [0.09, 0.38] · KOSPI200 · As of 2026-10-07
Intercept
-0.157%[-0.470%, +0.156%]
R squared
0.12
Observations
252
Trading-time corrected beta
0.15[-0.06, 0.36]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

2022202320242025TTM
RevenueKRW 100M16,05824,94029,45630,86331,720
Revenue growth%—55.3118.114.78—
Operating incomeKRW 100M3,5324,7856,0696,4946,478
Operating income growth%—35.4826.837.00—
Net incomeKRW 100M2,6313,5494,4014,8035,447
Net income growth%—34.9023.999.14—
Attributable to ownersNot applicableNot applicableNot applicableNot applicableNot applicable
Attributable to minoritiesNot applicableNot applicableNot applicableNot applicableNot applicable
Operating margin%21.9919.1920.6021.0420.42
Net margin%16.3814.2314.9415.5617.17
ROENot applicableNot applicableNot applicableNot applicableNot applicable
ROA%0.670.650.700.630.72
Debt ratio%591.43790.66860.311,032.021,037.05
Reserve ratio%144.32156.94172.40185.34189.86
Free cash flowKRW 100M18,31628,6868,14559,449—
FCF margin%114.06115.0227.65192.62—
OCF conversion%713.84814.52191.191,250.47—
Capex to revenue%2.890.890.911.97—
EPSKRW5537459241,008—
PERx43.9438.2622.7821.43—
BPSNot applicableNot applicableNot applicableNot applicableNot applicable
PBRNot applicableNot applicableNot applicableNot applicableNot applicable
Dividend per shareKRW80150—360—
Payout ratio%14.4720.13—35.71—

Separate basis

Margins%

Cash flow by activityKRW 100M

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Free cash flow breakdownKRW 100M

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

2022202320242025
395,161544,882628,053764,098
Total liabilitiesKRW 100M338,010483,705562,652696,599
57,15161,17765,40167,499

Income statement

2022202320242025
16,05824,94029,45630,863
Operating incomeKRW 100M3,5324,7856,0696,494
3,5174,6925,8896,400
2,6313,5494,4014,803
Basic earnings per shareKRW5537459241,008
Diluted earnings per shareKRW5517449231,007
1,8884,4724,9353,809

Cash flow statement

2022202320242025
Net incomefrom the income statement2,6313,5494,4014,803
Total adjustments to operating cash flowcomputed16,14925,3594,01355,255
18,78028,9088,41460,058
-17,074-14,680-16,273-55,733
-82-711-957-1,954
12,19213,81527,33218,539
Net change in cash and cash equivalentsKRW 100M1,62413,517-8,7932,372

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.18.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 10안진회계법인2025-12-31
2024적정의견Term 9삼일회계법인2025-12-31
2023적정의견Term 8삼일회계법인2025-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 3Y0.43
%
%
Cost of equity6.53%
Weighted average cost of capital—
Initial growth2.0%
Effective tax rate25.0%
Base fiscal year2025
Current priceKRW19,860

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model8,103-59.2%
Dividend discount model DDM8,103-59.2%
Discounted cash flow FCFFNo borrowing line filed
Discounted cash flow FCFE280,500+1,312.4%
Residual income model RIMNo book value or return on equity
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.43 × 5.00% = 6.53%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = g_T = 2.00%

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 360 × (1 + 2.00%) / (6.53% − 2.00%) = 367 / 0.0453 = 8,103 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 360, g_1 = 2.00%, g_T = 2.00%, r = 6.53%

YearGrowthDividend KRWDiscount factorPresent value KRW
12.00%3670.9387345
22.00%3750.8811330
32.00%3820.8271316
42.00%3900.7764303
52.00%3970.7288290
Terminal value2.00%8,9460.72886,520
Total8,103

P_0 = 8,103 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 60,057.7 − 609.1 + 0.0 (net borrowing) = 59,448.5 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
12.00%60,637.50.938756,919.6
22.00%61,850.30.881154,498.2
32.00%63,087.30.827152,179.8
42.00%64,349.00.776449,960.1
52.00%65,636.00.728847,834.8
Terminal value2.00%1,477,279.60.72881,076,625.2
Total1,338,017.7

P_0 = 1,338,017.7 KRW hundred million ÷ 477,011,437 (shares) = 280,500 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

Other issues on the same market

Neighbours in the market capitalisation order.

See the full KOSPI list