PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩2,800 per share · Prices as of the 2026-10-02 close
Samsung Card has narrowed the gap with the top player in personal credit purchases on volume growth, but merchant fee cuts and rising funding costs are capping profit expansion.
In 2025 operating profit was KRW 853.7bn and net profit KRW 645.9bn, slightly below 2024 (KRW 885.4bn and KRW 664.6bn); in H1 2026 profits dipped in Q1 before turning up again in Q2.
Q2 2026 operating profit of KRW 208.6bn and net profit of KRW 154.2bn topped the year-earlier KRW 200.5bn and KRW 151.2bn, but higher funding-related financial costs were flagged as the key swing factor.
Growth in personal credit purchase volume narrowed the market share gap with the industry leader to 0.16 percentage points as of Q1 2026.
The company has kept its payout ratio near 46% and signaled a mid-to-long-term shareholder return ratio of 50%, but has not disclosed concrete plans or timing for share cancellation.
A resolution to acquire a 1% stake in Dunamu and preparations for stablecoin payment infrastructure are longer-term options whose value depends on the regulatory timetable.
Samsung Card is a monoline card issuer built on credit purchases (merchant and installment fees), card loans and installment/lease finance, using the Samsung Financial Networks integrated app Monimo as its customer gateway.
On confirmed disclosures, 2024 revenue was KRW 4,383.2bn, up from KRW 4,004.2bn in 2023, reflecting both larger payment volumes and interest and fee income.
In payments, Q1 2026 personal credit purchase volume rose 7.9% year on year to KRW 37.5trn and personal credit purchase share reached 18.35%, narrowing the gap with the leader to 0.16 percentage points.
Product strategy leans away from dependence on any single partner: the company has expanded private label credit cards with partners including Starbucks, Shinsegae E-Mart, Toss, Bunjang, Woori Bank, Musinsa, Hanwha Eagles and KTX, operates Monimo-linked cards, and under CEO Kim Yi-tae has chosen to broaden its partner network.
In lending, it launched a sole-proprietor loan on 10 June 2026, structured as a digital loan applied for via Monimo with a limit of KRW 50mn, rates of 4.9-19.4% and terms up to 60 months.
Competition centers on eight monoline card issuers, and its 2025 consolidated net profit of KRW 645.9bn was the industry's largest, ahead of Shinhan Card (KRW 480.2bn), Hyundai Card (KRW 350.3bn) and KB Kookmin Card (KRW 329.0bn).
In other words, Samsung Card leads on profit scale while remaining a challenger on personal credit purchase share.
In digital assets, the company said it is watching the possible introduction of a won-denominated stablecoin and plans to work with Dunamu on digital asset payment support and distribution ecosystem building through Monimo and other channels.
On the balance sheet, end-2025 total equity was KRW 8,863.3bn against total liabilities of KRW 23,311.5bn, for a debt-to-equity ratio of 263.0%.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | — | ₩200.5B | — |
| 2025Q3 | — | ₩213.6B | — |
| 2025Q4 | — | ₩194.6B | — |
| 2026Q1 | — | ₩210B | — |
| 2026Q2 | — | ₩208.6B | — |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩3.8T | ₩848.9B | ₩622.3B | 22.4% | 7.9% | 275.5% |
| 2023 | ₩4T | ₩810B | ₩609.4B | 20.2% | 7.5% | 254.1% |
| 2024 | ₩4.4T | ₩885.4B | ₩664.6B | 20.2% | 7.8% | 247.6% |
| 2025 | — | ₩853.7B | ₩645.9B | — | 7.3% | 263.0% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
Annually, operating profit oscillated in the KRW 800bn range - KRW 848.9bn in 2022, KRW 810.0bn in 2023, KRW 885.4bn in 2024 and KRW 853.7bn in 2025 - while net profit moved from KRW 622.3bn to KRW 609.4bn, KRW 664.6bn and KRW 645.9bn without a decisive trend break.
The operating margin slipped from 22.4% in 2022 to 20.2% in both 2023 and 2024, showing that revenue growth from KRW 3,794.6bn (2022) to KRW 4,383.2bn (2024) translated into only limited profit gains.
Quarterly, operating profit improved from KRW 200.5bn in Q2 2025 to KRW 213.6bn in Q3, eased to KRW 194.6bn in Q4, then recovered to KRW 210.0bn in Q1 2026 and KRW 208.6bn in Q2 2026.
Net profit over the same span moved KRW 151.2bn, KRW 161.7bn, KRW 148.6bn, KRW 156.3bn and KRW 154.2bn, indicating modest quarter-to-quarter volatility.
Q1 net profit was 15.2% below the year-earlier level, and with SG&A growth slowing from 12.9% in Q1 to 3.4% in Q2, the profit trend turned back up in the second quarter.
On costs, Q2 2026 financial costs jumped 18.7% to KRW 171.6bn from KRW 144.6bn, while pre-provision profit rose 3.9% to KRW 400.1bn and credit costs rose 3.8% to KRW 191.5bn, leaving operating profit higher.
On asset quality, the 30-day-plus delinquency ratio at end-June fell 0.03 percentage points quarter on quarter to 0.89%.
Operating cash flow swung from positive KRW 1,335.8bn in 2023 to negative KRW 837.7bn in 2024 and negative KRW 1,575.0bn in 2025, a pattern that should be read alongside the sector characteristic that growth in card and loan receivables hits cash flow first.
Total equity rose from KRW 7,889.5bn in 2022 to KRW 8,863.3bn in 2025 while the debt-to-equity ratio eased from 275.5% to 263.0%, so the capital cushion has been maintained.
Across the card sector, the payments market is still growing.
According to preliminary Financial Supervisory Service data, the eight monoline card issuers earned a combined KRW 1,293.4bn in net profit in H1 2026, up 5.6% from KRW 1,225.1bn a year earlier, while card purchase volume rose 6.7% from KRW 595.7trn to KRW 635.3trn.
Within revenue, merchant fee income rose KRW 196.3bn and installment fee income KRW 100.2bn, while card loan income fell KRW 50.5bn.
However, net profit after transfers to loan loss reserves was KRW 926.6bn, down 26.0% year on year, because KRW 366.8bn was transferred this first half versus a KRW 27.3bn release a year earlier - so accounting profit and reserve burden should be read separately.
On asset quality, the sector delinquency ratio stood at 1.54% at end-June, up 0.02 percentage points from 1.52% at end-2025, with card loan delinquency up 0.14 points to 3.35%.
On regulation, from 14 February 2026 preferential merchant fees apply to 3.087mn small and mid-sized card merchants, or 95.7% of the total 3.225mn, at 0.4-1.45% for credit cards and 0.15-1.15% for debit cards depending on the revenue bracket.
Against this backdrop, card issuers are expanding into corporate cards, data, platforms and private label cards in search of income beyond payments, and Samsung Card's move into sole-proprietor lending and its PLCC push fit the same pattern.
Samsung Card's delinquency ratio sits at the lower end of the peer group, but funding and credit costs are common sector variables, leaving limited room for differentiation.
Management has framed the second half cautiously.
A Samsung Card official said the operating environment for card issuers is expected to remain difficult in H2 2026 with continued pressure from rising financial costs, adding that the company will focus on asset quality management and core competitiveness while continuing efforts to build future growth foundations in AI, stablecoins and platforms.
Press commentary has also argued that funding costs are the key to second-half results, and that unless double-digit growth in financial costs subsides, top-line growth alone will not guarantee profit improvement.
On digital assets, Samsung Securities, Samsung SDS and Samsung Card resolved to acquire a combined 4.0% stake in Dunamu held by Kakao affiliates for KRW 612.8bn, with Samsung Card taking 1% and a scheduled acquisition date of 19 July.
Samsung Card said it plans to build a digital asset payment service linked to Monimo if a won-denominated stablecoin is institutionalized.
On payment infrastructure, reports noted that the company was included among participants in the global stablecoin consortium OpenUSD, a project involving some 140 payment, finance and big-tech firms.
On shareholder returns, the March 2026 general meeting confirmed roughly KRW 298.8bn in cash dividends, keeping the payout ratio near 46% and signaling a mid-to-long-term shareholder return ratio of 50%, though no specific plan or timing for buybacks or share cancellation was presented.
The checkable variables therefore come down to whether funding costs stabilize, the trajectory of personal credit purchase share, the stablecoin legislative timetable, and whether the return policy becomes more concrete.
Samsung Card combines relatively stable profits with limited growth, so the market tends to assess it more through book-value-based multiples and dividend metrics than earnings multiples.
Its price-to-book multiple sits meaningfully below net asset value, and its earnings multiple trades below the domestic market average. On dividends, the company has a record of maintaining a payout ratio near 46% even as net profit declined, leaving its dividend yield above the KOSPI average.
Views on direction differ: an analyst at Korea Investment & Securities said in April 2026 coverage that while Samsung Card secures steady investment appeal through dividend-centered returns, the absence of direct measures such as share cancellation could constrain valuation expansion.
On target prices, NH Investment & Securities said in a 13 July 2026 report that it maintained a Buy rating and a target price of KRW 68,000 (not KOSAI's view; that report's Q2 estimate came in above the actual confirmed result).
Ultimately the valuation debate hinges on dividend sustainability, how concrete the return framework becomes, and whether funding and credit costs erode earnings stability.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-04
Q1 2026 personal credit purchase volume rose 7.9% year on year to KRW 37.5trn and personal credit purchase share reached 18.35%, cutting the gap with the leader to 0.16 percentage points. Sector-wide, card purchase volume grew 6.7% to KRW 635.3trn in H1 2026, supporting end-demand.
Volume growth is the main channel for offsetting lower unit fees after merchant fee cuts. That said, higher volume does not translate directly into higher profit in this structure.
The 30-day-plus delinquency ratio at end-June fell 0.03 percentage points quarter on quarter to 0.89%. At the same date, the sector-wide card delinquency ratio was 1.54%, so the company's asset quality metric sits below the industry average.
Given that profits swing when credit costs spike, a track record of asset quality management dampens earnings volatility. Still, metrics can lag when loan assets are being expanded.
The March 2026 general meeting confirmed roughly KRW 298.8bn in cash dividends with the payout ratio kept near 46%, showing the dividend share was preserved even as net profit fell. The company also signaled a mid-to-long-term shareholder return ratio of up to 50%.
A business whose profit scale does not swing sharply helps make the dividend pool more predictable. Any actual increase in returns depends on the net profit trend and board decisions.
Q2 2026 financial costs rose 18.7% to KRW 171.6bn from KRW 144.6bn.
Press coverage argued funding costs are the swing factor for H2 and that top-line growth alone will not secure profit improvement unless double-digit growth in financial costs eases, and the company itself said the burden of rising financial costs is expected to persist in the second half.
Without a deposit base, card issuers rely on market funding such as specialized credit finance bonds, so the rate environment feeds directly into earnings.
From 14 February 2026, preferential rates of 0.4-1.45% for credit cards and 0.15-1.15% for debit cards apply to 3.087mn small and mid-sized merchants, or 95.7% of the total.
Commentary has noted that fee cuts tied to the recalculation of allowable costs have put card issuers' credit purchase income on a long-term downtrend. Even with higher payment volumes, lower unit fees limit room for core margin improvement. This is a structural sector constraint rather than a company-specific issue.
No concrete plan or timing for buybacks or share cancellation beyond dividends has been presented, and the company has opted not to cancel treasury shares. Comparisons have been drawn with KB Financial Group and Shinhan Financial Group, which pair payout ratios near 50% with buybacks and cancellations.
An analyst at Korea Investment & Securities said the absence of direct measures such as share cancellation could constrain valuation expansion. Whether the return framework changes is something to verify at upcoming board and shareholder meetings.
Card loan delinquency stood at 3.35% at end-June, up 0.14 percentage points from end-2025. Sector-wide, net profit after loan loss reserve transfers fell 26.0% to KRW 926.6bn, reflecting KRW 366.8bn transferred in the first half. At Samsung Card, Q2 2026 credit costs rose 3.8% to KRW 191.5bn. A slowdown or weaker borrower repayment capacity could push provisioning higher and squeeze profits.
As household lending rules limited card loan growth, issuers expanded sole-proprietor loans that fall outside debt service ratio caps, and Samsung Card's 10 June 2026 launch took the number of monoline issuers offering such loans to six.
Commentary notes that product terms differ little between issuers, so competition centers on limits, rates and underwriting capability. Managing delinquency and credit costs as loan assets expand remains a task.
Because new assets typically show up in asset quality metrics only after some time, verification comes with a lag.
Samsung Card said it plans to build a Monimo-linked digital asset payment service if a won stablecoin is institutionalized, but the timing and content of any framework are not fixed.
Some commentary suggests a Monimo-based stablecoin payment ecosystem could grow into infrastructure that replaces the existing card-centric payment structure, implying opportunity and cannibalization at once.
From a different angle, an NH Investment & Securities analyst argued that Samsung Card's conservative, core-business focus makes it more of a traditional financial company and that the stablecoin issue has limited share price impact. The sign of the earnings impact could therefore depend on how the framework is designed.
Q3 2026 results disclosure. Watch whether financial cost growth slows from Q2's double-digit pace, whether SG&A growth stays near the Q2 level of 3.4%, and whether the 30-day-plus delinquency ratio is held below 0.89%.
Financial Supervisory Service release of Q3 specialized credit finance company results. It will show the direction of sector delinquency (1.54% at end-June) and card loan delinquency (3.35%), plus shifts between merchant fee income and card loan income.
Board disclosures on full-year 2026 results and the cash dividend. Whether the payout ratio near 46% is maintained and whether buybacks or cancellations accompany it will indicate how concrete the return policy becomes.
Financial Services Commission announcement on preferential merchant fee application and merchant selection. Any adjustment to the 0.4-1.45% credit card structure applied in February 2026 feeds directly into credit purchase unit revenue.
Annual general meeting. Watch whether a path and timeline for the mid-to-long-term 50% shareholder return ratio is laid out, and what the company says about the race for top personal credit purchase share and the balance and quality of its sole-proprietor loan book.
Samsung Card's annual profits held in the KRW 800bn range for operating profit and the KRW 600bn range for net profit throughout 2022-2025 without a decisive trend break, with 2025 operating profit of KRW 853.7bn and net profit of KRW 645.9bn slightly below 2024.
Quarterly, Q1 2026 net profit of KRW 156.3bn was 15.2% below a year earlier before Q2's KRW 154.2bn topped the year-earlier KRW 151.2bn, a shift attributed to slower SG&A growth.
Operationally, growth in personal credit purchase volume narrowed the share gap with the leader to 0.16 percentage points, while PLCC expansion and the new sole-proprietor loan broaden income sources.
On the other side sit lower unit fees from wider preferential merchant rates, an 18.7% rise in Q2 financial costs and higher sector delinquency, with management itself expecting funding cost pressure to persist in the second half.
Shareholder returns show a payout ratio kept near 46% and a stated mid-to-long-term 50% return ratio, but no concrete plan for measures such as share cancellation - the point on which market views diverge.
The Dunamu stake and stablecoin payment preparations are longer-term options tied to the legislative timetable, so there is no basis yet to quantify any earnings contribution.
What remains to be verified is whether funding costs stabilize, how asset quality holds as loan assets grow, and whether the return policy becomes more concrete. This material is for information purposes only and contains no buy or sell opinion.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.