Samsung Card surpassed Shinhan Card in net profit again this year, claiming the top spot in the first quarter, while also pursuing a personal credit sales market share within 0.5 percentage points.
According to the Credit Finance Association on the 22nd, last month, Shinhan Card's market share based on personal credit sales performance was 18.5%, a decrease of 0.01 percentage points from the previous month. In contrast, Samsung Card recorded a rise of 0.16 percentage points to 17.88% during the same period. The gap between the two companies narrowed from 0.66 percentage points to 0.46 percentage points, significantly reduced compared to the gap a year ago (1.31 percentage points).
Samsung Card recorded a personal credit sales market share of 17.02% last month, surpassing Shinhan Card (16.92%) to claim the top position.
If Samsung Card surpasses Shinhan Card in the personal credit sales market share sector, the industry's number one will be completely turned upside down. The industry uses personal credit sales market share and net profit when assessing card companies' rankings. Net profit indicates profitability, while personal credit sales market share is considered a future growth indicator.
Samsung Card recorded a net profit of 664.6 billion won last year, surpassing Shinhan Card (572.1 billion won). In the first quarter of this year, Samsung Card also posted a profit of 184.4 billion won, outpacing Shinhan Card (136.9 billion won).
In response, Shinhan Card has initiated a voluntary retirement program targeting all positions for those born between 1968 and 1979, and is implementing a major organizational restructuring by reducing 28% of head of team positions. This voluntary retirement comes about six months after the previous program in December last year for those born between 1968 and 1974, expanding the age group.