S Korean Credit Card Earnings Up in 1st Quarter

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00008450-s-korean-credit-card-earnings-up-in-1st-q/

Most South Korean credit card companies remained in the black in the first quarter on the back of their efforts to improve asset quality and a gradual pickup in consumer spending, the country’s financial regulator said.

Samsung Card Co, LG Card Co, and four other credit card firms posted a combined loss of 1.12 trillion won (US$1.12 billion) in the January-March period, but most of the loss came from the country’s leading credit card firm, Samsung, which set aside 1.7 trillion won as provisions against bad loans, the Financial Supervisory Service (FSS) said on Friday.

Samsung suffered a loss of 1.49 trillion won in the first quarter, while all of its rivals stayed profitable.

For this complete story, please visit S Korean Credit Card Earnings Up in 1st Quarter.

S Korean Credit Card Earnings Up in 1st Quarter

Unknown Author

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