Samsung Card Q3 Net Profit 139.5 Billion KRW... Up 8.9% YoY

Impact of Membership Base Expansion and Usage Efficiency Improvement

[Asia Economy Reporter Ki Ha-young] Samsung Card continued its strong performance in the third quarter, supported by increased card usage and an expanded member base.

Samsung Card announced on the 26th that its net profit for the third quarter of this year reached 139.5 billion KRW, an 8.9% increase compared to the same period last year. The company explained that this was the result of continuously expanding market dominance through efforts to expand its member base and improve usage efficiency.

The total transaction volume in the third quarter was 35.9318 trillion KRW, up 11.2% from the same period last year. Among this, the card business transaction volume was 35.7535 trillion KRW, an 11.6% increase compared to the same period last year.

By sector, the figures were ▲ credit sales (lump-sum + installment) 31.3848 trillion KRW ▲ card finance (long-term + short-term card loans) 4.3687 trillion KRW. The installment lease business transaction volume was 178.3 billion KRW.

The increase in card business transaction volume was due to continuous growth in spending in key sectors related to consumption such as online shopping, department stores, and outlets. Additionally, the increase in spending in fuel and travel sectors, which had declined due to COVID-19, was influenced by the resumption of domestic travel.

The delinquency rate over 30 days was stably managed at 0.9%.

A Samsung Card official stated, "Uncertainty caused by COVID-19 still persists, so we plan to strengthen asset soundness management and enhance profitability through efficiency-centered management. We also intend to respond to the rapidly changing market environment through digital channel restructuring."

This content was produced with the assistance of AI translation services.