Samsung Card Reports 335.6 Billion Won Net Profit in First Half, Down 7.5%

Delinquency Rate at 0.98%
Down 0.05 Percentage Points from Previous Quarter

Samsung Card announced on the 25th that its net profit for the first half of the year was provisionally tallied at 335.6 billion won, a decrease of 7.5% compared to the same period last year.

Total transaction volume reached 88.526 trillion won, marking a 9.0% increase over the same period. Of this, the card business transaction volume was 88.1281 trillion won, up 8.8% year-on-year. The increase in high-quality members contributed to the growth in transaction volume.

By segment, credit sales (lump-sum + installment) accounted for 79.2628 trillion won, while the financial segment (long-term + short-term card loans) amounted to 8.8653 trillion won. The installment lease business transaction volume was 397.9 billion won.

Samsung Card explained the decrease in net profit by stating, "Although merchant fee income and interest income increased due to higher card usage and outstanding receivables, financial costs rose as a result of expanded borrowings, and credit loss expenses also increased."

As of the end of last month, the delinquency rate for over one month stood at 0.98%, down 0.05 percentage points from the previous quarter.

Samsung Card stated, "We expect internal and external uncertainties to persist in the second half of the year, and the environment surrounding the card industry will remain challenging. We will focus on managing asset soundness and strengthening our core business competitiveness, while also striving to establish future growth foundations such as platforms and artificial intelligence (AI)."