Hyundai Card Q1 Net Profit Rises 5.4% to 64.7 Billion Won

 
Hyundai Card reported higher first-quarter net profit, extending year-over-year gains as membership and credit card spending increased and interest costs fell.

In a regulatory filing on the 24th, the company said net profit for the January-March period totaled 64.7 billion won, up 5.4% from 61.4 billion won a year earlier.

Operating revenue rose 22.4% to 1.1815 trillion won, while operating expenses increased 23.5% to 1.0936 trillion won.

Interest expenses declined 5.8% to 179.7 billion won from 190.8 billion won, supporting profitability.

Membership also grew. New members increased by 47,000 in the quarter, bringing total membership to 12.71 million.

Credit card purchase volume climbed 6% to 44.7843 trillion won from 42.2603 trillion won a year earlier.

Asset-quality indicators edged up but remained generally low. The effective delinquency rate rose 0.05 percentage points from the end of last year to 1.21%. The general delinquency rate excluding refinancing loans increased 0.06 points to 0.85% from 0.79%.

The 30-day-plus delinquency rate excluding refinancing loans, however, was 0.85%, down 0.05 points from a year earlier.

A Hyundai Card official said strengthened product competitiveness helped sustain growth across key indicators, including membership and credit card spending, and that operating profit and net profit have risen year over year for four consecutive quarters.

The official added that a focus on financial products for end users and proactive risk management has improved profitability while keeping asset quality solid.