KTC 3Q18 Jumps 65% Net ฿1.4Bln. Profit from Personal Loan Interest and Bad Debt Recovery

KTC’s 3Q18 financial statement shows 1.4 billion baht in profit and a 65% growth.

Krungthai Card Public Company Limited (KTC) has announced its 3Q18 financial statement through the Stock Exchange of Thailand.

For the third quarter, KTC reported net profit of 1,396 million baht, thus resulting in the total net profit for the first nine months of 2018 at 3,911 MB, a growth of 65% for both 3Q18 and 9 months in which total revenue grew at 9% whereas total expense was down 5%.

The revenue mainly due to the growth of personal loan interest income of 14% and the increase in bad debts recovery of 22%. The fee income (excluding credit usage fee) which is comprised of merchant discounts fee, interchange fee, cash advance fee and collection fee grew at 14% while the interest income from credit card business down 4% (yoy) as a result of the interest rate limit reduction from 20% to 18%.

Total receivables portfolio has been constantly well managed. KTC’s total NPL stood at 1.23%, down from 1.32% at the end of year 2017 and is expected to be continuously maintained at the low level.