KTC” announces operating results for the 1st quarter of 2023, consolidated financial statements, profit of 1,872 million baht, an increase of 7.1%, the loan portfolio expanded by a total of 103,312 million baht or 14.5%, an increase of 22.5% in card spending. % while the NPL is only 1.9%
Mr. Rathian Srimongkol, Chief Executive Officer, “KTC” or Krungthai Card Public Company Limited, said that the Thai economy tends to continue to expand. from better tourism and export sectors resulting in employment, income generation including tax measures “Shop well, have a night”, resulting in increased consumer spending in the country. As a result, the overall credit card and personal loan market in the first 2 months of 2023 continued to grow. KTC had the proportion of credit card receivables and personal loan receivables compared to the industry at 14.6% and 3.7%, respectively, while the amount of spending via KTC cards grew by 24.3%, higher than the industry’s 18.6% growth. KTC has a market share of card spending amount of 12.2%.
For the first quarter of 2023 compared to the same period of 2022, KTC had a net profit according to the separate and consolidated financial statements of 1,843 million baht (an increase of 5.2%) and 1,872 million baht (an increase of 7.1%) respectively. from the expansion of the total loan portfolio, generating good income growth And the amount of spending via card has continued to increase. In addition, the portfolio quality can be maintained appropriately with the risks in each business. with a total membership base of 3,333,227 accounts, total loans to customers and accrued interest receivables of 103,312 million baht (14.5% increase), NPL ratio of 1.9% (a slight increase from Q4/2022) 1.8%) divided into credit card members 2,591,404 cards, loans to credit card debtors and accrued interest totaling 67,640 million baht (an increase of 16.8%). Credit card NPL was 1.1%. Card spending amounted to 63,989 million baht (increase up 22.5%) KTC personal loan members 741,823 accounts (decrease 1.
As for total income in the first quarter of 2023, compared to the same period of the previous year, it was 6,055 million baht (13.0% increase) from interest income. (including credit line usage fee) and fee income (Excluding credit usage fee) increased by 14.7% and 21.8% respectively and bad debt recovered was 822 million baht (4.1% decrease). Total expenses were 3,742 million baht (17.6% increase) from loss on Expected credit of 1,367 million baht (30.8% increase), mainly from bad debt write-offs. and finance costs of 390 million baht (15.8% increase) from higher interest expenses in line with financial market conditions. Administrative expenses were 1,985 million baht (10.4% increase) from personnel expenses and administrative expenses which increased by 14.6% and 30.9% respectively, while marketing expenses decreased by 5.6%. has a cost to income ratio of 32.8%.”
However, as of March 31, 2023, KTC had total loans of 59,252 million baht, an increase of 17.6% from the 1st quarter of 2022 at 50,367 million baht, finance costs 2.6%, the same as the same period of the previous year. The source of funds is from short-term and long-term loans. The ratio is 28% to 72%. The ratio of debt to equity is low at 2.0 times, does not exceed the debt covenants specified at 10 times, and has an available credit line of 23,670. million baht”
while providing assistance to debtors in all positions in the amount of 1,995 million baht, accounting for 2.0% of the total debtor portfolio It is expected that at the end of the year, the loan portfolio will grow according to the target. with a higher profit forecast for 2023 than before As for the amount of spending via card, there is a chance to continue to expand in line with the recovery of economic activities
Source: Thai News Agency