MTC’s 2Q Profit Jumps 24% after Recording 18% Increase in Interest and Fee Income

MTC’s 2Q Profit Jumps 24% after Recording 18% Increase in Interest and Fee Income.

Muangthai Capital Public Company Limited (MTC) has reported its 2Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

MTC reported a net profit of 1,266 million baht in 2Q20, increased 24% compared to a net profit of 1,020 million baht in 2Q19. The increase of net profit was mainly due to MTC’s higher revenue in the quarter.

Total revenue for the three-month period ended June 30, 2020 is 3,566 million baht, increased from the same period in the previous year by 495 million baht or 16.12%. The company recorded interest and fee income for the period at 3,385 million baht, increased 18.27% YoY.

Total expenses for the three-month periods ended June 30, 2020 is 1,520 million baht, increased by 99 million baht, or 6.97 %, while expected credit loss (bad debt and doubtful debt) is 25 million baht, comprise of bad debt amounting to 110 million baht and reversal of doubtful debt amounting to 85 million baht.

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