Bangkok Commercial Asset Management Public Company Limited (BAM) has reported its 2Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;
BAM reported a net profit of 135 million baht in 2Q20, decreased 82% when compared to a net profit of 754 million baht in the same period last year. The decrease was due to the receiving of a large amount of payment from significant debtors in 1Q19, the impact from the spread of COVID-19 affected the debtor’s ability to repay which linked to a lower interest income – part of fully received, the proportionate of interest and operating expenses remain the same as it is the core expense for the business, and the revaluation on deferred tax assets that affect net profit.
In 2Q20, the company won NPLs/ NPAs auction with the cost of 1,661 million baht, consisted of NPLs worth 1,649 million baht and direct purchase of NPAs from financial institutions of 12 million baht. NPLs/ NPAs accumulated six-month period ended June 30, 2020 of 6,560 million baht.
The Legal execution Department (LED) had temporarily closed from March 30 – May 31, 2020 to prevent the spread of COVID-19 and resumed the public auction activity on June 01, 2020. On June 5 – 6, 2020, together with LED, the Company was able to auction out 164 real estate collaterals from its portfolio worth 525,419,000 baht or accountable for 141.19% from the appraisal value of 372,138,437.50 million baht. The event was successfully attacking 200 attendees in joining the public auction.
In 2Q20, the company has a total interest income of 2,225 million baht, increased 64.6% in comparison to 2Q19.
As of June 30, 2020, BAM has Baht 83,016 million in total liabilities, which increased by 5.5% from the year ended 2019.
For the three-month period ended June 30, 2020, the company recorded a total expected credit losses of 1,367 million baht. Such change resulted from financial asset modification on terms of expected credit losses for “loans purchased of receivables” of 1,362 million baht (which is comprised of expected credit losses of accrued interest income on loans purchased of 1,277 million baht and less with the reversal of expected credit losses recorded previously of 15 million baht, due to the company received and recorded debt repayment over 1Q20 accounting period).
The company was included in MSCI Global Standard, assessed by Morgan Stanley Capital Investment and FTSE SET Mid Cap, assessed by the collaboration of the Stock Exchange of Thailand and FTSE Group on May 29, 2020 and June 19, 2020 respectively.