Samsung Card (A029780) Q2 2024 earnings summary

Executive summary

• Operates as a major credit card and financial services provider with 12.99 million card members and 3.04 million merchants as of June 2024.

• Main business segments: card services, installment/lease financing, and other services such as insurance agency and e-commerce.

• Maintains a strong capital base and high credit ratings (A1/AA+ Stable) from major agencies.

• Largest shareholder is Samsung Life Insurance (71.86% stake); part of the Samsung Group conglomerate.

Financial highlights

• 2024 H1 consolidated revenue: ₩2,195.7 billion, down from ₩4,004.2 billion in 2023 H1 due to accounting changes and lower card spending.

• Net income for 2024 H1: ₩362.8 billion, down from ₩609.4 billion in 2023 H1.

• Operating income for 2024 H1: ₩489.8 billion, down from ₩810.0 billion in 2023 H1.

• EPS for 2024 H1: ₩3,400 (basic/diluted), compared to ₩5,711 in 2023 H1.

• Total assets as of June 2024: ₩28.7 trillion; total equity: ₩8.2 trillion.

Outlook and guidance

• Focus on digital transformation, personalized marketing, and expanding data-driven services.

• Plans to strengthen risk management and maintain high capital adequacy amid economic uncertainty.

• Continued investment in new business areas: data management, investment advisory, SME credit evaluation, fintech, and ESG initiatives.