KTC announced net profit for Q1/2023 at THB1.872-bn

The portfolio of all products expanded, namely credit cards, personal loans and lease receivables with a total portfolio amounting to 103.312 billion baht.

Total credit card spending volume increased by 22.5% equal to 63.989 billion baht, while the Non-Performing Loan (NPL) ratio was low at 1.9%. The company’s strategy is to join forces with partners to simultaneously maintain the existing member base and acquire a new good quality member base into the portfolio.

Rathian Srimongkol, President & Chief Executive Officer, “KTC” or Krungthai Card Public Company Limited, stated, “Thai economy tends to expand continuously from the continual growth in tourism and a rebound in the export sector, resulting in employment and income generation. Furthermore, the tax deduction campaign “Shop Dee Mee Kuen” led to higher domestic consumer spending. As such, the overall picture of the credit card and personal loan markets in the first 2 months of 2023 continued to grow well."

KTC’s market share of credit card and personal loan receivables compared to the industry was at 14.6% and 3.7% respectively, while KTC's card spending volume grew by 24.3%, higher than the industry’s by 18.6%. Thus, KTC’s market share of card spending volume equalled 12.2%.”

 “KTC’s Q1/2023 performance was in line with the plans and goals set. As of March 31, 2023, compared to the same period in 2022, KTC had higher net profit according to the separate and consolidated financial statements of 1.843 billion baht (increased by 5.2%) and 1.872 billion baht (increased by 7.1%) respectively. 

“In Q1/2023, KTC’s total revenue equalled 6.055 billion baht, an increase of 13% from Q1/2022. Bad debt recovery equalled 822 million baht (decreased by 4.1%)

“As of March 31, 2023, KTC’s total borrowings equalled  59.252 billion baht, increased by 17.6% from Q1/2022. The debt-to-equity ratio was low at 2.0 times which did not exceed the debt covenants at 10 times. 

 “According to the Notification of the Bank of Thailand (BOT.FCD.C 951/2564) regarding Market Conduct, KTC has implemented various projects to assist debtors in accordance with guidelines for fair lending by placing importance and promoting assistance, following up on solving debt problems to assist retail debtors who are facing debt problems on the spot and in a timely manner.

These also include the development of a sustainable end-to-end lending process, product development that matches customer risk profiles, assistance to debtors who have repayment problems, debt restructuring and debt mediation to alleviate the people’s debt burden. As of March 31, 2023, KTC has assisted debtors amounted to 1.995 billion baht, accounting for 2.0% of the total loan portfolio.”