BC Card said on the 14th that second-quarter net profit fell 20.8% to 46.2 billion won from 58.3 billion won a year earlier. Even so, first-half net profit rose 12.8% to 104.2 billion won from 92.4 billion won a year earlier.
First-half operating profit was 1.8044 trillion won, up 1.3% from the same period a year earlier. Purchase processing revenue, which accounts for most of sales, fell by 33.2 billion won (2.4%), but interest revenue and proprietary card fee revenue increased by 65 billion won (15.5%) and 31.9 billion won (19.6%), respectively. Other financial revenue increased by 2.2 billion won.
It appears to reflect a 70% year-over-year increase in first-quarter net profit due to the accounting gain-and-loss improvement effect from Kbank's listing in the first quarter.
Second-quarter operating profit was 56.5 billion won, up 22.6% from 46.1 billion won a year earlier. Second-quarter operating expenses were 876.6 billion won, up 12.9 billion won from 863.7 billion won a year earlier, while operating revenue increased by 23.2 billion won over the same period.
However, despite the increase in operating profit, net profit declined as equity-method gains and losses decreased sharply. Second-quarter equity-method gains and losses were 7 billion won, down 13.9 billion won from 20.9 billion won a year earlier.
The delinquency rate of one month or more, an indicator of asset soundness, was 0.66%, down 0.51 percentage points (p) from 1.17% a year earlier.
A BC Card official said, "First-half net profit increased due to growth in interest revenue and dividends revenue."