Samsung Card 3Q Net Profit 139.5 Billion Won 'Solid Performance'... 0.8% Decrease YoY

Delinquency Rate at 1.1%... Same as Previous Quarter
Continued Outlook for Business Deterioration... "Preparing with Solid Management"

Samsung Card posted a net profit of approximately 140 billion KRW in the third quarter of this year. Although there was a slight decrease compared to the same period last year due to increased funding costs and bad debt expenses, the performance is considered relatively strong.

On the 26th, Samsung Card announced preliminary consolidated net profit results of 139.5 billion KRW for the third quarter of this year, a 0.8% decrease compared to the same period last year. Revenue and operating profit were 1.022 trillion KRW and 186.8 billion KRW, respectively, down 7.9% and 3.7% from the previous year.

The rise in funding interest rates led to increased financial costs, and the continued high interest rates and worsening economic conditions weakened customers' repayment ability, resulting in higher bad debt expenses. The delinquency rate for over 30 days remained at 1.1%, unchanged from the previous quarter.

Total transaction volume reached 42.1068 trillion KRW, a 1.0% increase compared to the same period last year. The card business, which accounts for the majority, also increased by 1.2% year-on-year to 42.0519 trillion KRW. By segment, credit sales (lump sum + installment) amounted to 37.9833 trillion KRW, and the financial sector (long-term + short-term card loans) totaled 4.0686 trillion KRW. The installment lease business transaction volume was 54.9 billion KRW.

Samsung Card explained that the resumption of overseas travel led to increased usage in the travel sector and a rise in online and other non-face-to-face payment amounts, contributing to the growth in card business transaction volume. A Samsung Card representative stated, "Uncertainties both domestically and internationally will continue beyond the fourth quarter of this year, and the environment surrounding the card industry will remain challenging. We plan to strengthen efficient management based on solid fundamentals while enhancing competitiveness in the data business through the MyData project and data-specialized institutions."

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