Samsung Card, H1 Net Profit 282.2 Billion KRW... Up 26.7% YoY
Effects such as Membership Base Expansion and Usage Efficiency Improvement
[Asia Economy Reporter Ki Ha-young] Samsung Card's net profit for the first half of this year increased by nearly 30% compared to the previous year, thanks to the rise in card usage amounts and the efficiency improvement of selling and administrative expenses.
Samsung Card announced on the 27th that it achieved a net profit of 282.2 billion KRW in the first half of 2021, a 26.7% increase compared to the same period last year. Samsung Card explained that the increase in sales was due to the growth in card usage amounts driven by efforts to expand the member base and improve usage efficiency, and the continuous efficiency improvement of selling and administrative expenses by maintaining a management policy focused on efficiency.
During the same period, the total transaction volume reached 67.9267 trillion KRW, a 12.2% increase compared to the previous year. Among this, the card business transaction volume was 67.3964 trillion KRW, up 12.3% from the same period last year. By sector, it was ▲credit sales (lump sum + installment) 57.9733 trillion KRW ▲card finance (long-term + short-term card loans) 9.4231 trillion KRW. The installment lease business transaction volume was 530.3 billion KRW.
The increase in card business transaction volume is attributed to the recovery of the previously contracted consumer sentiment, along with increased credit sales usage amounts in online shopping, department stores, and gas stations. The delinquency rate over 30 days is being managed stably at 0.9%.
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A Samsung Card official said, "Economic uncertainty is increasing again as the COVID-19 variant virus is rapidly spreading recently," adding, "We will thoroughly prepare for the possibility of asset quality deterioration and respond to the rapidly changing market environment through digital channel restructuring and other measures."
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