Hyundai Card Posts 275.8 Billion Won in Cumulative Net Income Through Q3... "Only Card Company to Grow for Four Consecutive Years"

Third-quarter delinquency rate below 1% for five consecutive years... 0.75% this year
Launched its own "Alphabet Card" brand
Exporting AI software "UNIVERSE"

Amid continued profitability pressures in the card industry, Hyundai Card has posted growth in cumulative net income for the first three quarters of the year for four consecutive years.

Chung Taeyoung, Vice Chairman of Hyundai Card. Hyundai Card

Hyundai Card said on October 30 that its cumulative net income for the first three quarters of this year reached 275.8 billion won, operating profit totaled 366.5 billion won, and operating revenue amounted to 3.408 trillion won. Compared with the same period last year, net income rose 8.2%, operating profit increased 11.5%, and operating revenue grew 13%.

Hyundai Card said it was the only card company to post net income growth for four consecutive years. Its cumulative net income for the first three quarters rose from 207.8 billion won in 2022 to 225.7 billion won in 2023, up 8.6% year over year; 240.1 billion won in 2024, up 6.4%; 255 billion won last year, up 6.2%; and 275.8 billion won this year, up 8.2%.

It also kept its delinquency rate, an indicator of financial soundness, under control. Hyundai Card's third-quarter delinquency rate was 0.93% in 2022, 0.63% in 2023, 0.70% in 2024, 0.79% last year, and 0.75% this year, remaining below 1% for five consecutive years. This year's rate was 0.04 percentage points lower than in the same period last year. Hyundai Card said it was managing its delinquency rate by maintaining a business approach focused on financial soundness despite difficult industry conditions, including an economic downturn and high interest rates.

Hyundai Card cited its differentiated strategy of pursuing business at its own pace, without focusing on competitors, as the reason behind its growth.

The company has continued to strengthen its core business competitiveness. This year, it boosted its product competitiveness by launching its own Alphabet Card brand and expanding its premium card offerings. More recently, it announced "PLCC 2.0" and expanded strategic collaborations with partner companies to strengthen its card business capabilities.

Its membership has also grown from 10 million at the end of 2021 to 12.87 million today. The company is also working to diversify its business portfolio. Its investment finance business, launched last year, has taken root steadily and is contributing to earnings. Hyundai Card is continuing to invest in artificial intelligence (AI) and data science as it seeks to transform from a financial company into a tech company. It is turning the technological capabilities it has built up into business results, including by generating revenue through exports of its AI and data science software, UNIVERSE.

A Hyundai Card representative said, "Maintaining Hyundai Card's own pace without focusing on competitors is why we are the only card company to have achieved earnings growth for four consecutive years. Along with strengthening our product competitiveness, our shift toward technology and portfolio diversification are driving growth. At the same time, our management approach focused on financial soundness is helping us keep our delinquency rate among the lowest in the industry."

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