SoKor credit card firms report 5.8% higher net income in H1

Loan-related and installment fees rose, as well as total expenses.

Eight (8) credit card companies in South Korea reported a net income of $1.12b (KRW1.49t) in the first six months of 2024, 5.8% higher than the same period in 2023, according to data from the Financial Supervisory Service.

Total revenues rose by $588.98m (KRW786.5b). Loan related revenues rose $145.41m (KRW194.2b), whilst installment fees rose by $128.12m (KRW171.1b).

Merchant fees also jumped $98.33m (KRW131.3b) compared to H1 2023.

At the same time, total expenses increased by $527.37m (KRW704.3b), which was due to interest expenses and loan loss expenses rising during the period.

The delinquency rate stood at 1.69% as of end-June, 0.06 percentage point(ppt) higher than in December 2023.

Delinquency rate of credit card assets rose to 1.77%, 0.4ppt higher than in December.

(US$1 = KRW1,335.5; as of 28 August 2024, 3:45PM)