Lotte Card approves 38.2 billion won interim dividend during operations suspension

  • Lotte Card approved a 38.2 billion won interim dividend at MBK Partners’ request.
  • MBK Partners owns 60% of Lotte Card, while Woori Bank and Lotte Shopping each hold 20%.
  • The Financial Services Commission ordered a suspension through the 15th after last year’s data breach.

Lotte Card approved a 38.2 billion won ($27.5 million) cash interim dividend at an extraordinary board meeting on the 15th, its first such payout, while the company remained under a partial operations suspension. The dividend was approved at the request of MBK Partners, which owns 60% of Lotte Card; Woori Bank and Lotte Shopping each hold 20%. The Financial Services Commission ordered the roughly 1.5-month suspension on July 31 after a hacking incident caused a data breach last year, with the suspension running through the 15th. The payout exceeds Lotte Card’s 23.6 billion won year-end dividend for last year and has drawn criticism from industry officials, who said it was inappropriate for the largest shareholder to receive a substantial distribution while the company was under regulatory sanctions. Lotte Card reported first-half consolidated net profit of 64.7 billion won, up 55.5% from a year earlier, although the improvement reflected portfolio restructuring, risk management and cost efficiency more than stronger business. The company said it considered shareholder returns, expected full-year earnings and capital adequacy, after weaker earnings reduced its 2025 year-end dividend.

The information on this website is generated using AI and we cannot guarantee its accuracy. Please use it as reference information only.