‘Most South Korean credit card companies remained in the black in the first half on the back of improved asset quality and a gradual pickup in consumer spending, the country’s financial regulator said Tuesday.

Samsung Card Co., LG Card Co., and four other credit card firms posted a combined loss of 524 billion won (US$517 million) in the January-June period, but most of the losses came from the country’s leading credit card firm, Samsung, which set aside 1.7 trillion won as provisions against bad loans, the Financial Supervisory Service (FSS) said.’

Read more at S.KOREAN CREDIT CARD FIRMS SEE RISE IN H1 EARNINGS

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