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WeLab Bank hit first breakeven in December 2024
Hong Kong-based WeLab Bank reported Monday its first monthly breakeven since its launch in 2020.
The digital-only bank achieved breakeven in December 2024 within its Hong Kong operations, crediting it to an expanded loan portfolio, reduced lending costs, and improved operational efficiency.
The bank recorded a 26% year-on-year increase in net interest income, totaling nearly HK$700 million (around US$89.8 million), and a 50% improvement in net interest margin after the online lending platform WeLend became its wholly owned subsidiary last year.
This year, WeLab Bank aims to focus on growth in wealth management services and partnerships.
Recent WeLab Bank developments
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28-Sep-2022 🏦 WeLab eyes a ‘pan-Asia franchise’ as digital banking footprint grows
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19-Sep-2022 💰 WeLab, Indonesian conglomerate close $518m deal to build local digibank
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06-Apr-2022 💼 HK fintech firm WeLab names new group advisor
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13-Jan-2022 💰 Temasek backs $400m round of global payments firm
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08-Mar-2021 🏦 Hong Kong fintech firm WeLab bags $75m from Allianz X to form strategic partnership
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