Hyundai Card said on the 30th that net profit came to a total of 255 billion won through the third quarter, up 6.2% from the same period a year earlier (240.1 billion won).
Operating revenue was 2.7464 trillion won, up 8% in a year. Card revenue rose 1.8% year over year to 1.3034 trillion won, and interest revenue increased 12.5% to 1.2423 trillion won.
Operating expenses during the same period rose 8.1% to 2.4177 trillion won. Card costs were 791.7 billion won, up 6.7%, and impairment losses were 334.2 billion won, up 19% from a year earlier. Hyundai Card said impairment losses surged as arrears rates and other indicators climbed amid the economic downturn.
The number of primary members was about 12.61 million, a net increase of 365,000. Of these, the share of premium members with an annual fee of 150,000 won or more was 3.4%, up 0.2 percentage points from last year (3.2%).
Through the third quarter, the amount of credit sales handled, including domestic spending by overseas members, came to 132.6253 trillion won. Cash advance services were 499.2 billion won, and card loans were 497.5 billion won, with cash advances increasing and card loans decreasing from the same period last year.
A Hyundai Card official said, "Through strengthening a product lineup tailored to members' lifestyles, such as "Hyundai Card Boutique" and "Alphabet Card," the number of members centered on high-quality members increased, and the amount of credit sales handled recorded solid growth," adding, "We are the only one in the industry to post pre-tax profit growth for three consecutive years."
Meanwhile, Hyundai Commercial, part of the same group, posted cumulative net profit of 171.4 billion won in the third quarter this year, up 30.3% from a year earlier. The result was driven by growth in new-car assets as captive financing for Hyundai Motor and HD Hyundai expanded, and by an increase in investment finance assets due to continued signing of new commitments focused on overseas funds.