Krungthai Card Public Company Limited (KTC) said in Q1 2018 it grew by 65 per cent with a net profit of Bt1.2 billion despite new administrative legislation and intense competition in the industry.
CEO Rathian Srimongkol said: “The Thai economy has a tendency to fluctuate with a world economy that is starting to recover. Domestic regulations set out to stimulate the economy, investments in infrastructure from the government that are established in succession, as well as advances on reform measures to create employment and income, including the Eastern Economic Corridor, will all contribute to the restoration of private expenses of both consumption and investment.
“The overall picture of consumer private loans for the first three months continues to be constant growth, in spite of the slowing progress in the previous year. On KTC’s part, its work progress is beyond expectations. KTC achieved Bt1.2 billion in net profit compared to the previous year despite significant challenges of rules set to control credit card limits and the accessibility of personal loans, and effects of a drop in personal loans credit card interest from 20 per cent to 18 per cent, which reduced credit card spending.
“Due to KTC’s prowess in collecting debt and managing quality debtors from the screening process, NPL [non-performing loans] remains consistently low at 1.3 per cent from 1.7 per cent compared to the same period last year, lower than the industry level.”