Samsung Card Reports Q3 Net Profit of 161.7 Billion Won... Delinquency Rate at 0.93%

Samsung Card announced on October 28 that its net profit for the third quarter was 161.7 billion won, a 4.2% decrease compared to the same period last year.

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Operating profit fell by 4.6% to 213.6 billion won, while revenue rose by 14.1% to 1.0078 trillion won.

Revenue increased due to higher card spending and growth in receivables, but net profit declined as financial costs and credit loss expenses rose.

Asset quality indicators remained strong. The delinquency rate for loans overdue by more than one month was 0.93%, down 0.05 percentage points from the previous quarter.

Total transaction volume reached 45.6304 trillion won, up 8.6% from a year earlier.

The card business transaction volume increased by 8.5% to 45.5143 trillion won.

By segment, credit sales (lump-sum and installment payments) accounted for 41.2357 trillion won, the financial segment (long-term and short-term card loans) for 4.2786 trillion won, and the installment lease business for 116.1 billion won.

Samsung Card stated, "Uncertainties at home and abroad are expected to persist in the fourth quarter, and the business environment for the card industry is unlikely to improve," adding, "We will continue our efforts for future growth through platforms, data, and artificial intelligence (AI)."

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