Samsung Card Q2 net soars amid rising consumer spending

Major South Korean credit card issuer Samsung Card Co. said Tuesday its net profit spiked more than 30 percent in the second quarter of the year on a recovery in consumer confidence.
Net profit stood at 143.8 billion won (US$125 million) in the April-June period, up 30.1 percent from a year earlier, the company said in a regulatory filing.
Operating profit also soared 32 percent on-year to 194.8 billion won, with sales gaining 9.8 percent to 843.3 billion won.
In the first half of the year, Samsung Card’s consolidated net profit jumped 26.7 percent on-year to 282.2 billion won, with operating income swelling 31.5 percent to 380.1 billion won.
Samsung Card attributed its robust performance to a rebound in consumer sentiment, which contributed to increased sales at online shopping stores, department stores and gas stations. Also responsible were efforts to cut costs, it added.
The company said the ratio of card debt overdue 30 days or more was at a stable level of 0.9 percent as of end-June.
Samsung Card is the credit card arm of Samsung Group, South Korea’s largest family-controlled conglomerate that also has smartphone and memory chip titan Samsung Electronics Co. under its wing.

Source: Yonhap News Agency

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