Samsung Card Q1 Net Profit Falls 15.3% to 156.3 Billion Won

Samsung Card said Friday its first-quarter results fell from a year earlier as credit-loss provisions and selling and administrative expenses increased. 

The company reported net profit of 156.3 billion won for the January-March period, down 15.3% from a year earlier. 

Revenue rose as spending and card receivables increased across all business segments, but financing costs, credit-loss expenses and selling and administrative costs also climbed.

Total transaction volume in the quarter rose 9.3% from a year earlier to 47.3345 trillion won. Card transaction volume increased 9.4% to 47.1438 trillion won.

By segment, credit purchases totaled 42.4597 trillion won and financial services 4.6841 trillion won. Installment and lease transaction volume was 190.7 billion won. The company said expanded partnerships with top-tier affiliates strengthened product competitiveness, lifting membership and spending per customer. The delinquency rate for payments overdue by more than one month was 0.92%, slightly improved from the end of last year and remained stable.

A Samsung Card official said volatility in the operating environment is expected to persist after the second quarter, including continued swings in funding markets. The official said the company will respond proactively to rising internal and external uncertainties while working to maintain its competitive edge and continue investing in future growth areas such as platforms, data and artificial intelligence.