Samsung Card Reports 1Q Net Profit of 160.8 Billion KRW, Up 16% YoY

Card Transaction Volume Increases by 14.4% Following Social Distancing Easing

[Asia Economy Reporter Yu Je-hoon] Samsung Card announced on the 25th that it recorded a net profit of 160.8 billion KRW in the first quarter. This represents a 16.2% increase compared to the previous year.

The total transaction volume increased by 14.4% to 37.1109 trillion KRW. Among this, the card business transaction volume rose 14.5% to 36.9059 trillion KRW. By sector, credit sales amounted to 32.2016 trillion KRW, and long-term and short-term card loans totaled 4.7043 trillion KRW. The installment lease business transaction volume was 214 billion KRW.

The delinquency rate over 30 days remained stable at 0.7%.

Samsung Card explained, "The increase in card transaction volume is due to improved consumer sentiment as social distancing measures were eased and the with-COVID-19 atmosphere spread," adding, "Credit card usage increased in sectors such as department stores, online shopping, automobiles, and travel-related industries."

Meanwhile, Samsung Card expects that domestic and international uncertainties due to COVID-19 will continue this year, along with ongoing impacts from merchant fee rate reductions, loan regulation relaxations, and rising benchmark interest rates.

A Samsung Card official stated, "While focusing on asset soundness management, we plan to discover and implement strategies that can lead the market from the perspectives of customers, products, and channels?the foundation of our competitiveness?in order to continue sustainable growth."

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