Accounts for 37% of Industry's Total Overseas Net Profit
Hyundai Capital dwarfs other large Korean financial companies such as banks and insurance companies in terms of global business. Hyundai Capital accounted for more than one-third of the total net profit earned overseas by Korean financial companies as a whole, a report showed.
"Korean financial firms earned 1.9 trillion won in after-tax profits overseas last year, with Hyundai Capital’s overseas subsidiaries in the United States, China, Britain, Germany, Canada, and Brazil accounting for 37 percent or 705 billion won," said Chung Tae-young, vice chairman of Hyundai Card and Hyundai Capital in his SNS account. “Hyudai Capital’s earnings were double those of the second-ranked company.”
In fact, Hyundai Capital came in first in 2019 by accounting for 26 percent of Korean financial companies’ aggregate overseas net income. Its net income rose by 11 percentage points in 2020, widening the gap between Hyundai Capital and Korea's largest financial holding company (18 percent) which ranked second.
According to Hyundai Capital, in 2020, its overseas subsidiaries’ net income stood at 704.9 billion won, a 67 percent jump from 422.1 billion won in the previous year, while its total net income reached 1,004.5 billion won. The proportion of its overseas subsidiaries’ net income in its total net income hit 70.2 percent, which shows that overseas subsidiaries have been driving Hyundai Capital's growth.