Hyundai Card First-Half Net Income Reaches 185.2 Billion Won, Up 11.9% Year-on-Year

Growth Driven by Credit Card Sales and Increased Apple Pay Transactions
Hyundai Commercial's Net Income Rises to 117.1 Billion Won, Up 17.2%

Hyundai Card recorded a double-digit growth rate in net income for the first half of this year, driven by the expansion of operating profit and increased Apple Pay transactions.

Hyundai Card Headquarters in Yeouido, Seoul. Hyundai Card

Hyundai Card announced on the 23rd that its net income for the first half was 185.2 billion won, up 11.9% from 165.5 billion won in the same period last year. Operating revenue came to 2.3372 trillion won and operating profit was 249.5 billion won, rising by 10.0% and 16.3% respectively over the same period.

Improved results were attributed to an increase in credit card sales and financial assets. The total value of credit card purchases in the first half amounted to 90.6894 trillion won, up 4.6% from 86.6873 trillion won a year earlier.

Card-based revenue reached 919.9 billion won, while interest income climbed to 852.4 billion won, reflecting year-on-year increases of 6.9% and 3.2%, respectively. Interest expenses declined by 0.5% to 370.7 billion won.

The number of members during the same period rose to 12.78 million, representing a net increase of 280,000 (2.2%) from a year ago.

Overseas transaction volume remained the highest in the card industry at 2.0128 trillion won.

A company representative explained, "The strategy to strengthen payment convenience through services like Apple Pay and initiatives tailored for overseas travel proved highly effective."

Asset quality also improved. Hyundai Card's delinquency rate for loans overdue by one month or more (excluding debt refinancing) declined by 0.10 percentage points to 0.74% in the first half, compared to 0.84% last year.

The effective delinquency rate including refinancing loans dropped by 0.14 percentage points to 1.05%, down from 1.19% at the end of the first half of last year.

A Hyundai Card official commented, "By pursuing efficiency rather than aggressive expansion, we increased both our membership count and credit sales. Through stable soundness management, we maintained one of the best delinquency rates in the industry."

Hyundai Commercial's net income for the first half stood at 117.1 billion won, up 17.2% from 99.9 billion won a year earlier.

Industrial finance, by tightening screening criteria and focusing on high-quality customers, reached 5.1567 trillion won — a similar level to the 5.1155 trillion won posted last year.

Corporate finance fell by 6.7% to 3.0575 trillion won year-on-year, while investment finance jumped 44.5% to 2.5846 trillion won over the same period.

The delinquency rate increased by 0.19 percentage points to 0.90% compared to 0.71% for the same period last year.

A Hyundai Commercial representative stated, "Balanced growth across industrial, corporate, and investment finance drove the increase in the company's net income, while the rise in fuel prices due to the Middle East war increased repayment burdens for commercial vehicle owners, resulting in a slight uptick in the delinquency rate."

This content was produced with the assistance of AI translation services.