Lotte Card Reports Q1 Net Profit of KRW 14.3 Billion, Down 42.4% Year-on-Year
Lotte Card announced on May 15 that its net profit for the first quarter was KRW 14.3 billion, a decrease of 42.4% compared to the same period last year.
Due to an increase in the number of members and the volume of payments processed, total assets rose by 5.8% year-on-year to KRW 24.7297 trillion.
During the same period, operating revenue was KRW 708 billion, maintaining the same level as the previous year (KRW 705.1 billion).
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Lotte Card explained that net profit decreased as provisions for bad debts increased in preparation for future losses. The company cited two reasons for this: an increase in funding costs due to prolonged high interest rates, and an anticipated economic slowdown.
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