Woori Card posted the highest net income growth rate among South Korea’s four major bank-affiliated card issuers in the first half of the year, driven by a sharp expansion in credit sales and cost efficiencies from its proprietary payment network.
According to data released by the card industry, Woori Card recorded a net profit of 945억원 for the first half of the year, representing a 24.2% increase compared to the same period a year earlier. The performance outpaced rival bank-affiliated card companies over the same timeframe, during which KB Kookmin Card saw a 20.7% increase in net income, Hana Card posted a 14.2% gain, and Shinhan Card reported a 2.8% rise, as reported by financial industry sources.
The earnings growth was underpinned by rising card usage stemming from an expansion in credit sales. Woori Card’s operating revenue for the first half climbed 7.9% year-over-year to 1조5천330억원. Within that total, operating revenue from the credit card sector—which reflects revenues tied to merchant and installment fees—grew 8.7% to 1조1천540억원.
Expansion in Credit Sales and Card Assets
Card assets also reflected a growth trajectory centered on credit sales. By the end of the first half, total credit card assets reached 14조8천790억원, up 22.1% from the same period last year. Among those totals, credit purchase assets—representing amounts spent by customers that have not yet been repaid to the card company—expanded 34.8% to 10조590억원.
Data from the Credit Finance Association showed that Woori Card’s domestic personal credit sales transaction volume reached 27조4천290억원 in the first half, marking a 17.2% increase compared to the previous year. General installment transaction volume surged 35.5% from 4조6천900억원 to 6조3천539억원, outpacing the 7.0% average growth rate across all seven dedicated South Korean credit card companies.
This rise in credit sales was supported by a broader membership base and enhanced product competitiveness. Woori Card refined its “Card of Jungseok 2” product lineup by tailoring offerings to specific consumer categories such as living expenses, shopping, and subscriptions, while also strengthening its premium “the OPUS” brand lineup to capture customers ranging from everyday users to prime clients. By the end of the first half, total registered members grew 5.0% year-over-year to 737만7천명, while active users utilizing their cards increased 7.5% to 540만2천명.
Transition to a Proprietary Payment Network
A key structural driver behind the company’s financial and operational improvements is its ongoing transition to an independent, proprietary payment network. Launched in July 2023 under former CEO Kim Jung-ki and continued under CEO Jin Seong-won, the proprietary network allowed Woori Card to take direct control of merchant management, payment approvals, and data acquisition previously handled through BC Card.
As a result of this push to build an independent card issuer system, the number of proprietary merchants grew 10.6% year-over-year in the first half to surpass 200만곳 locations. The share of personal credit card transactions processed via Woori Card’s own proprietary network rose from 18.7% to 40.4%, an increase of 21.7 percentage points over the same period.
Operating a proprietary network reduces the business processing fees previously paid to BC Card while enabling the company to secure transaction data directly. Woori Card’s annual fee expenses decreased from 6천222억원 in 2023 to 5천364억원 the following year, illustrating a clear trend toward operational cost efficiency.
“Through the expansion of our proprietary payment network, we are enhancing both cost efficiency and data utilization capabilities,” a Woori Card representative stated. “We will continue to build a stable revenue foundation moving forward by focusing on prime-asset growth and strengthening risk management.”
Financial Resilience and Strategic Outlook
By focusing on prime customer acquisition and structural cost reduction through network independence, Woori Card has positioned itself favorably among domestic banking affiliates.
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