Samsung Card Reports Q1 Net Profit of 177.9 Billion KRW, Up 22% YoY

Samsung Card announced on the 26th that its consolidated net profit for the first quarter was tentatively estimated at 177.9 billion KRW, a 22.3% increase compared to the same period last year.

Revenue rose 3.4% from the same period last year to 1.106 trillion KRW, and operating profit increased by 25.7% to 241.2 billion KRW.

Samsung Card explained that despite increased financial costs due to rising borrowing rates, net profit grew thanks to profitability-focused efficient management and systematic risk management, which led to a decrease in bad debt expenses.

During the same period, total transaction volume decreased by 3% to 39.9431 trillion KRW. Among this, the card business transaction volume was 39.8514 trillion KRW, down 3% compared to the same period last year. By segment, credit sales (lump-sum + installment) amounted to 35.6036 trillion KRW, the financial sector (long-term + short-term card loans) 4.2478 trillion KRW, and the installment lease business 91.7 billion KRW. The decline in transaction volume was due to adjustments in the asset portfolio under a management policy focused on profitability and efficiency, resulting in decreased usage in relatively less profitable industries.

Meanwhile, the delinquency rate over 30 days is being stably managed at 1.1%.

Samsung Card plans to focus on asset soundness management and continue efforts to expand profitability through efficiency management based on solid fundamentals, anticipating that the high-interest-rate environment will persist and the environment surrounding the card industry will remain challenging after the second quarter. Additionally, the company aims to build a platform- and data-strong company as a future new growth engine.

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