Samsung Card Reports Q1 Net Profit of 138.4 Billion KRW, Up 23.4% YoY

Delinquency Rate Steadily Managed at 1.0%

[Asia Economy Reporter Ki Ha-young] Samsung Card announced on the 27th that it achieved a net profit of 138.4 billion KRW in the first quarter of this year, an increase of 23.4% compared to the same period last year.

The total transaction volume in the first quarter was 32.6741 trillion KRW, up 9.7% year-on-year. Among these, the card business transaction volume was 32.438 trillion KRW, and the installment lease business transaction volume was 23.61 billion KRW. The increase in the number of card members and the recovery of consumer sentiment, which had been depressed due to COVID-19, led to the growth in card business transaction volume.

By segment in the card business: ▲ Credit sales (lump-sum and installment) 27.5674 trillion KRW ▲ Financial sector (long-term and short-term card loans) 4.6389 trillion KRW ▲ Prepaid and check cards 2.317 billion KRW.

The delinquency rate over 30 days is being managed stably at 1.0%.

A Samsung Card official explained, "Sales increased as card usage amounts rose due to the increase in the number of card members and improved usage efficiency. Along with this, net profit increased as a result of continuously optimizing costs through sound management, such as reducing high-cost, low-efficiency marketing."

Going forward, Samsung Card plans to focus on strengthening credit soundness management and data analysis capabilities. The official said, "The prolonged COVID-19 situation and resulting economic uncertainties continue this year. While thoroughly managing credit soundness, we will pursue sustainable growth by expanding member assets and enhancing digital and data analysis capabilities."

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