Combined Net Income Of 5 Top South Korean Issuers Falls 6%

The combined net income of the five largest credit card issuers in South Korea–BC Card Co. Ltd., Shinhan Card Co. Ltd., Samsung Card Co. Ltd., Hyundai Card Co. Ltd. and Lotte Card Co. Ltd.–dropped to 1.5 trillion won (US$1.27 billion or 890.8 million euros) for the nine-month period ended 30 Sept., down 6.3% from 1.6 trillion won during the same period last year, according to the Credit Finance Association of Korea. The trade group does not break out specific company earnings. Still, spending on credit cards issued by the five companies totaled 29.6 trillion won in November, up 18.4% from 25 trillion won during the same month last year. As of 30 Sept., South Korean consumers held 103.7 million credit cards, the trade group says. Immediate comment from the group was not available.