Wednesday, February 26, 2020

KTC releases figures for first quarter 2019

May 13. 2019
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By The Nation

KTC has announced a net profit of Bt1.58 billion in the first quarter of this year, up 31 per cent from the same period last year.

In its report on Monday, the company noted that overall business was as expected. The firm continues to move forward by constantly adjusting its marketing plan to handle evolving competition in order to achieve its credit card spending goal. It has developed its entire online system to cater to members’ needs and increased chances for new business practices to encourage constant growth and a sustainable society, the company's president and chief executive officer Rathian Srimongkol said.

“In the first quarter of this year, we achieved a satisfactory expansion in our card membership base and maintained debt at the same level as last year. The firm earned more from interest and fees and is always making adjustments to its business process. This did not result in a large increase of operation expenses. Overall, receivables are of good quality and allowance and loan loss provisions have decreased,” he said.

As of March 31, the firm had a total asset value of Bt 76.174 billion, a 9-per-cent increase compared to the same period in 2018. The asset that generated the most income for the firm is in the form of net trade receivables, which comprise 92 per cent of total assets. Port of ending net account receivables with allowance for doubtful accounts totalled Bt75.209 billion, a 7 per cent increase from the same period last year. Total member accounts numbered 3.3 million or an 8.2-per-cent increase, comprising 2,348,990 credit cards, a 6.4-per-cent surge. Total credit card receivables totalled Bt48.413 billion. The ratio of credit card debtors compared to the current industry value was 12.5 per cent, having grown from the end of last year when it stood at 12.2 percent. KTC credit card spending totalled Bt49.091 billion, a 10.4 percent growth (8.6 per cent in the industry). Credit card spending market share was 11.2 per cent, the same level as at the end of 2018. NPL for credit cards was valued at 1.04 per cent, a drop from 1.14 per cent (2.02 per cent in the industry).

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