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Samsung Card net income gains 8.9% in Q3

The corporate logo of Samsung Card Co. (Samsung Card Co.)
The corporate logo of Samsung Card Co. (Samsung Card Co.)
Major South Korean credit card issuer Samsung Card Co. said Tuesday its net profit climbed nearly 9 percent in the third quarter of the year on a recovery in consumer spending.

Consolidated net income stood at 139.5 billion won ($119.5 million) in the July-September period, up 8.9 percent from a year earlier, the company said in a regulatory filing.

Operating profit swelled 11.5 percent on-year to 193.4 billion won, with sales soaring 21.8 percent to 940.3 billion won.

The operating profit was 2.3 percent higher than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The estimate of net profit was not available.

Samsung Card attributed its robust performance mainly to a rebound in customer base, which contributed to increased sales at online shopping stores, department stores and gas stations.

The company said the ratio of card debt overdue 30 days or more was at a stable level of 0.9 percent as of end-September.

Samsung Card is the credit card arm of Samsung Group, South Korea's largest family-controlled conglomerate that also has smartphone and memory chip behemoth Samsung Electronics Co. under its wing. (Yonhap)