Hyundai Card's Nine-Month Net Profit Rises 8.2% to KRW 275.8 Billion
Hyundai Commercial's Net Profit for the First Nine Months of the Year Falls 6.2% to KRW 160.8 Billion
Hyundai Card said on Thursday that its net profit for the first nine months of the year rose 8.2% year on year to KRW 275.8 billion.
Hyundai Card and Hyundai Commercial headquarters in Yeouido, Seoul. Hyundai Card and Hyundai Commercial
View original imageTotal transaction volume increased 2.7% to KRW 146 trillion 408.5 billion. Credit sales (lump-sum payments and installment payments) totaled KRW 136 trillion 300.4 billion, while financial products (cash advances and card loans) totaled KRW 10 trillion 108.1 billion.
The number of members rose 2% year on year to 12.87 million.
A Hyundai Card official said, "We continued to strengthen our core business competitiveness through our 'PLCC 2.0' strategy, based on the launch of our proprietary Alphabet Card brand, expansion of our premium cards, and strategic collaboration with partner companies."
The official added, "We secured new growth engines by exporting UNIVERSE, our artificial intelligence (AI) and data science software, and by establishing investment finance, a new business, on a stable footing."
The delinquency rate for accounts at least one month overdue (general) fell 0.04 percentage points to 0.75%, from 0.79% in the same period last year.
A Hyundai Card official said, "We are the only card company to have increased profits for four consecutive years. Strengthening product competitiveness, technological transformation, and portfolio diversification have driven our growth, while our focus on soundness in management has kept our delinquency rate at one of the lowest levels in the industry."
Meanwhile, Hyundai Commercial's net profit for the first nine months of the year fell 6.2% year on year to KRW 160.8 billion.
Total assets increased 9.9% year on year to KRW 11 trillion 197 billion.
Corporate finance assets rose 9.3% to KRW 3 trillion 253.1 billion, while investment finance assets increased 38.0% to KRW 2 trillion 724.5 billion.
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The delinquency rate rose 0.21 percentage points to 1.00%, from 0.79% in the same period last year.
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