[Alpha Biz= Paul Lee] SEOUL, July 25, 2024 — Woori Card reported a decline in profitability for the first half of 2024, largely due to a regulatory fine from the Personal Information Protection Commission (PIPC).



According to its regulatory filing on July 25, Woori Card posted KRW 76.1 billion in net profit for the first half, down 9.5% (KRW 7.7 billion) from KRW 83.8 billion a year earlier.



The company stated that while operating income increased thanks to an expanded financial asset portfolio strategy, non-operating profit deteriorated following the KRW 13.45 billion fine imposed by the PIPC.



In March, the commission fined Woori Card for using merchant data without consent during marketing campaigns for new card issuance.



Despite the profit decline, asset quality improved slightly. As of the end of Q2, Woori Card’s delinquency rate stood at 1.83%, down 0.04 percentage points from the previous quarter.

 

 

 

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