KB Kookmin Card Reports Q1 Net Profit of 84.5 Billion Won, Down Year-on-Year

"Fee Income Drops After Merchant Commission Rate Adjustment...
Net Profit Falls"

KB Kookmin Card announced on April 24 that its net profit for the first quarter was 84.5 billion won, a decrease of 39.3% compared to the same period last year.

KB Kookmin Card Building, Jongno-gu, Seoul. KB Kookmin Card

KB Kookmin Card explained that this was due to a reduction in fee income resulting from adjustments to merchant commission rates, as well as an increase in the amount set aside for credit loss provisions.

However, total operating profit increased by 5% year-on-year to 536.9 billion won, driven by growth in the number of active members, an increase in card usage amounts, and improved efficiency in major operating expenses such as recruitment and marketing.

The delinquency rate rose by 0.3 percentage points to 1.61%, compared to 1.31% in the same period last year.

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