BFIT Reports a Drop of 18% in 1Q Earnings, Facing a Decline in Loans to Customers

BFIT Reports a Drop of 18% in 1Q Earnings, Facing a Decline in Loans to Customers.

Srisawad Finance Public Company Limited (BFIT) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

BFIT reported a net profit of 303 million baht in 1Q21, decreased 18.19% from a net profit of 371 million baht in 1Q20, mainly due to a decrease of net interest income by 336.98 million baht, largely from a decline in loans to customers.

 

Meanwhile, fee income relating to loans to customers dropped by 12.84 million baht due to the revised guidelines of the Bank of Thailand regarding interest rates and fees.

 

Nevertheless, the company recorded a decrease in expected credit losses by 159.81 million baht.

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