KakaoBank: Steady Profit Growth, Share Price Near 52-Week Low

Thesis

The data supports a picture of a growing, profitable bank: revenue rose from ₩2.49T in 2023 to ₩3.09T in 2025, and net income rose from ₩354.9B to ₩480.3B. Trailing figures to H1 2026 show net income of ₩494.8B, slightly above 2025.

The data also shows slower growth and a weaker share price. Revenue growth slowed from 18.1% in 2024 to 4.8% in 2025, and the stock is down 6.6% over one month, 14.4% over three months and 13.6% over one year. The shares trade at 19.2x earnings and 1.4x book value, while ROE is 7.5%. The data does not explain the share price decline, and investor flow and short-selling data are not available.

Business overview

KakaoBank (code 323410) is a KOSPI-listed bank founded on 2016-01-22 and listed on 2021-08-06. The CEO in the data is 윤호영. It has 476,990,437 listed shares and a market capitalization of about ₩9.52T.

Recent filings include an IR event and an advance notice of earnings results disclosure on 2026-10-02, the half-year report on 2026-08-14, and several insider shareholding reports. One recent headline from Maeil Business Newspaper says foreign-national account opening takes 5 minutes and that KakaoBank now also checks length of stay and abnormal transactions. No further business detail is in the data.

Financial analysis

Figures come from filed financial statements (DART). Revenue was ₩2.49T in 2023, ₩2.95T in 2024 (up 18.1%) and ₩3.09T in 2025 (up 4.8%). Operating income rose from ₩478.5B to ₩606.9B to ₩649.4B, and net income from ₩354.9B to ₩440.1B to ₩480.3B.

Operating margin was 19.2% in 2023, 20.6% in 2024 and 21.0% in 2025. ROE was 5.8%, 7.0% and 7.2% over the same years. For the trailing period to H1 2026, revenue was ₩3.17T, operating income ₩647.8B, net income ₩494.8B, operating margin 20.4%, net margin 15.6% and ROE 7.5%.

Liabilities to equity were 1,037.1%, typical of a bank balance sheet but a sign of high leverage. Cash was ₩2.09T. The trailing free cash flow figure of ₩6.63T is as reported in the data, and borrowings are not available. Bank cash flows can be volatile, so that figure should be read with care.

Valuation

Current multiples are a P/E of 19.2x, P/B of 1.4x, P/S of 3.0x, EV/EBITDA of 10.4x and a dividend yield of 2.3%. Enterprise value is about ₩7.43T. At the end of 2025, the P/E was 21.5x and the P/B was 1.5x, so both are somewhat lower now. Earlier year-end multiples are not available.

The only peer with multiples is Industrial Bank of Korea, at a P/E of 6.0x and P/B of 0.4x, well below KakaoBank. Kbank, Jeju Bank and Pureun Savings Bank have market caps in the data (₩2.13T, ₩339.8B and ₩150.4B) but no multiples. Peer comparison is therefore limited.

Catalysts

• The 2026-10-02 advance notice of earnings results disclosure points to a results release that could update the trailing figures.
• The IR events on 2026-08-18 and 2026-10-02 show ongoing communication with investors.
• The H1 2026 report filed on 2026-08-14 showed trailing net income of ₩494.8B, slightly above the 2025 level.
• The news item on foreign-national account opening suggests a push to serve a new customer group, though the data gives no financial impact.

Risks

• Revenue growth slowed from 18.1% in 2024 to 4.8% in 2025.
• The share price is near its 52-week low of ₩19,110 and down 14.4% over three months, showing weak recent sentiment.
• Liabilities to equity of 1,037.1% indicate high balance sheet leverage.
• ROE of 7.5% is modest relative to a P/B of 1.4x.
• Investor flow, foreign ownership and short-selling data are not available, so positioning cannot be assessed.

Closing view

The filed numbers show a profitable bank with rising earnings and stable margins, but growth has slowed and the share price has weakened. Valuation is below its end-2025 levels yet well above the one peer with data. Missing flow and borrowing data limit the picture, and the upcoming earnings release will show whether the trailing trend continues.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Report history

1. Oct 13, 2026InitiationKakaoBank: Steady Profit Growth, Share Price Near 52-Week Low