BAM aims for 10% revenue, profit growth

Bangkok Commercial Asset Management Co targets 10-per-cent growth both in revenue to Bt13.73 billion and in net profit to Bt3.6 billion this year, partly by buying non-performing loans and assets worth Bt18 billion from banks.

President Krit Sesavej told a press conference yesterday that strong demand for resale homes along the mass-transit route extensions from inner to outer Bangkok helped boost the market value of its non-performing assets (NPAs), especially residences. Its sales campaigns were successful last year and the momentum is expected to carry into this year, he said.

Last year, BAM's revenue increased 13.43 per cent to Bt13.61 billion from rehabilitating its customers' debts and selling NPAs. Its net profit rose by 10 per cent to Bt3.25 billion.

It is currently managing non-performing loans worth Bt369.91 billion from 55,857 accounts and NPLs worth Bt37.99 billion from 12,923 assets. Its strategy is to choose NPAs for sale that match with the demand in the market.

The company will continue holding events at its 24 branches to sell its NPAs, he said. It will set up a corporate team to support its business activities and generate income to meet the growth target this year.

Its plan to list on the Stock Exchange of Thailand in the last quarter of this year is moving along, Krit said. It expects to select its financial adviser by the end of this month.