Shinhan Card Reports 246.6 Billion Won Net Profit in First Half, Down 35% Year-on-Year

Shinhan Card's performance in the first half of this year declined.

Shinhan Card announced that its net profit for the first half of this year was 246.6 billion won, a 35% decrease compared to 379.3 billion won in the same period last year.

Net profit for the second quarter of this year was 110.9 billion won, down 18.2% from the previous quarter. Although credit card commission income increased due to higher sales, the rise in interest expenses and selling and administrative expenses was even greater, which affected the overall results.

The delinquency rate for the first half of this year stood at 1.5%, a decrease of 0.01 percentage points compared to the end of last year.

A Shinhan Card representative stated, "The reduction in merchant commission fees, along with increases in funding costs and credit loss expenses, negatively impacted profitability."

Shinhan Card Headquarters Building.