KTC Reports a 46% Growth in 2Q Earnings as Credit Card Spending Grows

KTC reported a net profit of 1,679 million baht in 2Q21, increased 46.19% YoY from higher credit card spending rate in the quarter.

Krungthai Card Public Company Limited (KTC) has reported its 2Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

KTC reported a net profit of 1,679 million baht in 2Q21, increased 46.19% from the same period of last year.


Total loans to customers and accrued interest receivable were 89,444 million baht, grew by 7.1% YoY, mainly from credit card receivable of 4.6% YoY and increased from KTBL receivable worth 4,255 million baht which was included in this quarter. The personal loan receivable decreased slightly by 2.5%YoY.


For the second quarter, KTC’s credit card spending rate grew by 13.1% or amounted to 45,739 million baht. Meanwhile, the member base shrunk by 4.3% YoY or accounted for total members of 3.3 million accounts, comprising 2,544,573 credit cards (down 2.3% YoY) and 802,971 personal loan accounts (down 10.0% YoY).


The company’s credit card spending for the five-month period of 2021 increased by 5.4%, while the industry grew at 2.2%. The industry’s credit card spending increased during April and May at 38.0% and 12.6%, respectively. Meanwhile, the company’s spending in April, May, and June grew at 41.3%, 9.6% and dropped at 3.0% respectively due to the impact of a third wave of COVID-19 epidemic in April 2021.


Net Interest Margin for the second quarter and the first 6 month of 2021 was 14.3% and 14.2%, decreased from 15.9% and 15.8% from the same period last year, due to the adjustment of the interest ceiling that was effective since1 August 2020 in accordance with the Bank of Thailand.

NPL ratio for the company in the second quarter was 4.4%, resulting from the inclusion of lease receivable from KTBL. Meanwhile, the NPLs for credit card and personal loan were 1.5% and 3.0% respectively, slightly higher from that of the previous quarter that equal to 1.4% and 2.9%, respectively.

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