Samsung Card's net rises 12 pct in H1 on increased consumer spending

Samsung Card Co., a major South Korean credit card firm, said Monday its net profit increased in the first half of this year, helped by recovery in consumer sentiment amid the pandemic.

Samsung Card's consolidated net profit stood at 315.9 billion won ($241 million) in the January-June period, up 12 percent from a year earlier, according to the firm's regulatory filing.

Operating profit increased 12.1 percent to 426.1 billion won, with sales revenue rising 10 percent to 1.94 trillion won.

During the six-month period, the firm handled a combined 79.51 trillion won during the cited period, up 17.1 percent on-year. Of the amount, 69.7 trillion won was delivered from credit card payment fees, 9.38 trillion won from card loans, and 439.4 billion won from rentals and lease services.

In the April-June quarter, the firm's net profit rose 7.9 percent to 155.2 billion won. Operating profit increased 7.6 percent to 209.7 billion won, and sales jumped 19.4 percent to 1 trillion won.

Samsung Card attributed the robust earnings to the improved consumer spending that stemmed from the nation's increased mobility and outdoor activities.

Credit card spending in travel, fuel and eating out jumped amid the eased COVID-19 curbs, the firm said.

As of 10:04 a.m., shares of Samsung Card had been changing hands at 30,950 won per share at the main bourse, up 0.81 percent from the previous session's close. (Yonhap)