[Apha Biz=(Chicago) Reporter Paul Lee] The delinquency rate of the three Internet banks - Kakao Bank, K-Bank and Toss Bank - hit a record high.

According to data submitted by the three Internet banks to Yang Kyung-sook, a lawmaker of the Democratic Party of Korea, the delinquency rate of credit loans at Internet banks stood at 1.20 percent as of the end of last month. The delinquency rate of credit loans is the number of credit loan arrears divided by the balance of credit loans.

The delinquency rate of credit loans rose from 0.3 percent in 2021 to 0.77 percent at the end of last year, 1.04 percent at the end of June this year and 1.20 percent at the end of August. It has nearly doubled in a year. It is also the highest level since the launch of the three Internet banks.

By bank, Toss Bank was the highest at 1.58%. It was followed by K-Bank at 1.57% and Kakao Bank at 0.77%.

If you look at the mid- and low-credit loans of the three Internet banks, the delinquency rate was higher at 2.79%. The delinquency rate of mid- and low-credit loans remained at 0.8% from the end of 2021 to the first half of last year, but rose from the second half of last year to 2.46% as of the end of June this year.

Compared to a year ago (0.84%), the delinquency rate nearly tripled.

K-Bank had the highest delinquency rate of mid- and low-credit loans at 4.13%. It was followed by Toss Bank 3.40% and Kakao Bank 1.68%. The mid- and low-credit delinquency rates are also the highest ever in each company and in terms of the combined three companies.

 

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