S. Korea's card firms' revenue drop by 13pct
Date
9/22/2016 5:12:13 AM
(MENAFN) S. Korea's eight credit firms recorded a 13 percent decline in H1 profit on increased marketing costs and loan-loss provisions.Additionally, the country"s eight card issuers earned USD861mn in net profit for the Jan-June period, a drop of 139bn won from a year earlier.Moreover, increased card spending and fees were offset by higher provisions and bigger marketing costs to draw customers amid record-low rates.Accordingly, the card issuers" profit margins declined due to heated competition and lower fee incomes.
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