Samsung Card Reports Q1 Net Profit of 184.4 Billion Won, Up 3.7% Year-on-Year
Delinquency Rate at 1.03%
"Proactive Response to Risk Factors"
Samsung Card announced on April 25 that its net profit for the first quarter was provisionally tallied at 184.4 billion won, up 3.7% from the same period last year.
Revenue was 1.0674 trillion won, down 3.5% year-on-year, but operating profit increased by 1.5% to 244.9 billion won.
Total transaction volume reached 43.3004 trillion won, an increase of 8.4% compared to the previous year. This was attributed to an increase in both the number of personal credit card members and the average spending per member.
Of this, transaction volume from the card business was 43.0788 trillion won, up 8.1% year-on-year.
By segment, credit sales (lump-sum and installment payments) accounted for 38.6989 trillion won, while the financial segment (long-term and short-term card loans) amounted to 4.3799 trillion won.
The transaction volume for the installment lease business was 221.6 billion won.
A Samsung Card official stated, "Through stable growth centered on high-quality members, operating income increased across all segments, including card loans and installment/lease businesses, in addition to credit sales. We curbed the increase in selling and administrative expenses by improving cost efficiency and reduced credit loss costs by maintaining stable asset quality."
The delinquency rate for payments overdue by more than one month was 1.03%, up 0.03 percentage points from the end of the previous year (1.00%), but down 0.04 percentage points from the same period last year (1.07%), indicating that it is being managed at a stable level.
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The Samsung Card official added, "Even after the second quarter, volatility surrounding the card industry is expected to remain high due to both domestic and external environmental changes. We will respond proactively to risk factors while also establishing a foundation for mid- to long-term growth in areas such as platforms, data, and artificial intelligence (AI) capabilities."
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