Lotte Card Reports Q1 Net Profit of 20.6 Billion Won, Up 44% Year-on-Year

Lotte Card announced on May 15 that its consolidated net profit for the first quarter of this year reached 20.6 billion won, a 44% increase compared to the same period last year.

Lotte Card stated that it built a portfolio focused on high-quality customers this year, securing a stable profit base, which led to operating revenue of 830.5 billion won. This represents a 17.3% rise year-on-year.

The company explained that enhanced risk management and cost efficiencies, including reduced credit loss expenses, drove the improvement in its results.

Total assets stood at 24.8466 trillion won, maintaining a level similar to that of the same period last year.

The total number of members increased by 10,000 from a year earlier, reaching 9.62 million.

The delinquency rate over one month stood at 1.84%, down 0.27 percentage points from the previous quarter, while the ratio of substandard and below loans fell by 0.26 percentage points to 1.89% over the same period.

Its subsidiary, Lotte Finance Vietnam, also continued stable growth and posted a net profit of 1.4 billion won, turning to profitability compared to the first quarter of the previous year.

Lotte Card stated, "Going forward, we plan to expand our customer base by diversifying sales channels and continuously launching new products. At the same time, we will pursue proactive asset quality management, diversification of funding structures, and cost efficiency to drive mid- and long-term profitability recovery and further strengthen our business fundamentals."

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