Krungthai Card Public Company Limited (KTC) announced Q2 2018 achievements, declaring a net profit of Bt2.515 billion.
Profits having grown consistently strong by 66 per cent due to receivables, card issuance and merchant business transactions, along with lower expenses control growth, it said.
The firm aims to maintain high portfolios quality and debt collection management, to achieve an overall lower bad and doubtful debts, as well as increased recovery income.
Rathian Srimongkol, president of KTC, said: “The Thai economy has demonstrated a clear indication of a positive and constant growth tendency due to increasing efforts in exports and tourism that drives from domestic demand.
"In terms of the overview of the personal loans industry in the first half of the year, the industry indicates a growth as a result of surges in the number of overall credit card debtors and credit card spending.
“Meanwhile, KTC’s overall operations continue to operate at a satisfactory level.
"The firm achieved Bt2.515 billion in net profit, or a 66 per cent boost compared to the previous year, while Q2 net profits equalled Bt1.306 billion despite the intense competition within the personal loans industry, changing consumer spending behaviour and the effects caused by the rapid development of new technologies.
"In response to these factors, the firm had to improve its communication system with consumers and periodically self-improve to better adapt to the ever-changing environment."