Lotte Card Reports Q1 Net Profit of KRW 14.3 Billion, Down 42.4% Year-on-Year

Lotte Card announced on May 15 that its net profit for the first quarter was KRW 14.3 billion, a decrease of 42.4% compared to the same period last year.

Due to an increase in the number of members and the volume of payments processed, total assets rose by 5.8% year-on-year to KRW 24.7297 trillion.

During the same period, operating revenue was KRW 708 billion, maintaining the same level as the previous year (KRW 705.1 billion).

Lotte Card explained that net profit decreased as provisions for bad debts increased in preparation for future losses. The company cited two reasons for this: an increase in funding costs due to prolonged high interest rates, and an anticipated economic slowdown.