Samsung Card Q3 Net Profit 168.7 Billion KRW... 21% Increase YoY

Samsung Card announced on the 25th that its net profit for the third quarter of this year reached 168.7 billion KRW, a 21% increase compared to the same period last year.

Revenue was 883.3 billion KRW, down 13.6% from the same period last year, but operating profit increased by 19.8% to 223.8 billion KRW.

A Samsung Card representative stated, "Although financial costs increased, selling and administrative expenses decreased due to continuous efforts to improve cost efficiency, and bad debt expenses also declined due to systematic asset soundness management."

During the same period, total transaction volume was 42.0277 trillion KRW, a 0.2% decrease. Among this, the card business transaction volume was 41.941 trillion KRW, down 0.3% compared to the same period last year. By segment, credit sales (lump sum + installment) amounted to 37.9389 trillion KRW, financial sector (long-term + short-term card loans) 4.0021 trillion KRW, and installment lease business 86.7 billion KRW. The decrease in transaction volume is explained by the company as a result of adjusting the asset portfolio according to a management policy focused on profitability and efficiency, which led to a reduction in usage amounts in relatively less profitable sectors such as tax payments.

Meanwhile, as of the end of last month, the delinquency rate over one month fell by 0.05 percentage points from the previous quarter to 0.94%.

A Samsung Card representative said, "We expect that uncertainties both domestically and internationally will continue in the fourth quarter of this year, and the environment surrounding the card industry will remain challenging. Samsung Card plans to maintain an efficiency management policy centered on profitability and soundness while continuing efforts to establish a foundation for future growth, including stable asset growth and platform and data businesses."

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