À̹ÌÁö È®´ë [Courtesy of Samsung Card Co.]
South Korea¡¯s Samsung Card Co. posted 177.9 billion won ($129.43 million) in net profit for the first quarter, up 22.3 percent from the same period a year ago, thanks to the company¡¯s focus on boosting profitability.
According to Samsung Card on Friday, its sales totaled 1.1 trillion won for the first quarter, up 3.4 percent from the same period a year ago. Its operating profit stood at 241.2 billion won, up 25.7 percent during the same period.
¡°Finance costs increased due to rising borrowing rates, but bad debt expenses decreased due to profitability-focused efficient management and systematic asset quality management,¡± the company said.
Samsung Card¡¯s total transaction volume stood at 39.94 trillion won for the first quarter, down 3 percent from the same period a year ago.
The card business transaction volume, in particular, fell by 3 percent to 39.85 trillion won.
The decrease is attributable to adjustments in asset portfolios in line with an efficiency-focused management strategy, resulting in a decline in transaction amounts in relatively low-profit sectors.
The company¡¯s delinquency rate for over 30 days stood at 1.1 percent.
¡°High-interest rate conditions are expected to persist for a considerable period of time after the second quarter, and the environment surrounding the card industry is projected to remain challenging,¡± the company said. ¡°We will continue to focus on asset quality management and pursue efforts to expand profitability through efficiency-based management.¡±
By Pulse
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