Hyundai Card said on the 24th that it posted a net profit of 64.7 billion won in the first quarter. That was up 5.4% from the same period a year earlier (61.4 billion won).
Operating revenue for the same period rose 22.4% year over year to 1.1815 trillion won, while operating expenses increased 23.5% to 1.0936 trillion won. In contrast, interest expenses fell 5.8% to 179.7 billion won from a year earlier.
A Hyundai Card official said, "The continued growth of the core card business and the expansion of new businesses such as investment finance were the main achievements in the first quarter."
Cumulative membership stood at 12.71 million, up 47,000 during the first quarter. Compared with an increase of 153,000 in the first quarter of last year, the growth rate slowed.
First-quarter credit purchase volume was 44.8 trillion won, up 6.0% from a year earlier. However, personal credit purchase market share fell 0.2 percentage points to 17.3% from 17.5% in the previous quarter.
The effective arrears rate, including refinancing loans, was 1.21%, holding at a similar level to a year earlier, but excluding refinancing loans, the arrears rate was 0.85%, down 0.05 percentage points from 0.90% a year earlier.
A Hyundai Card official said, "All indicators, including membership and credit purchase volume, are continuing to grow through strengthened product competitiveness," adding, "Operating profit and net profit have also grown year over year for four consecutive quarters."