Samsung Card announced on the 26th that its net profit for the first half of the year increased by 24.8% year-on-year to 362.8 billion KRW.
The consolidated net profit for the second quarter of this year was preliminarily estimated at 184.9 billion KRW, up 27.4% compared to the same period last year. Revenue rose 11.2% year-on-year to 1.0897 trillion KRW, and operating profit increased 29.1% year-on-year to 248.6 billion KRW. As of the end of June, the delinquency rate over one month was 0.99%, down 0.08 percentage points from the previous quarter.
A Samsung Card official explained, "Although financial costs increased due to rising funding interest rates, net profit increased as loss expenses decreased through profitability-focused efficient management and systematic asset soundness control."
Total transaction volume was 81.2048 trillion KRW, down 1.6% year-on-year. Among this, the card business transaction volume decreased by 1.7% to 80.9654 trillion KRW. This was influenced by a reduction in usage amounts in relatively less profitable sectors as the asset portfolio was adjusted according to a profitability and efficiency-centered management policy.
A Samsung Card official stated, "Uncertainties both domestically and internationally are expected to continue in the second half of the year, and the environment surrounding the card industry is anticipated to remain challenging." He added, "We plan to focus on asset soundness management, maintain a solid foundation of efficient management, and continue efforts to establish a future growth base, including strengthening competitiveness in the data business."
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