Big spike in Krungthai Card’s half yearly net profit

KTC said its card-spending figure rose to 6.8 percent, which is above the industry average, the quality of its accounts receivable improved and its net accounts receivable grew 10 per cent. 
It said its non-performing-loan ratio dropped to 1.57 per cent, which is lower than the industry average. 
KTC’s total number of credit cards and personal loan accounts increased to three million, its president and chief executive officer Rathian Srimongkol said on Monday.
He said Thailand's consumer finance market grew impressively in the first six months of the year.
He said the growth is in line with the global economic situation and the Thai economy, which expanded uninterruptedly. 
In June, he said the Bank of Thailand adjusted its all-year economic forecast for the Thai economy in 2017 from 3.4 to 3.5 percent.
He said KTC continued to maintain its ability to generate revenue and make a profit.
This is driven by improvements in the company’s card-spending figure and the upward growth of accounts receivable, both in the credit card and personal loan segments, as well as effective control of the NPL ratio to a level similar to last year, he said. 
Rathian said the Bt1.519 billion half yearly net profit was worth Bt5.89 per share. 
In the second quarter, KTC reported a net profit of Bt787 million, a 7 per cent increase on the previous quarter or 36 per cent growth compared to the same period last year. 
KTC said this can be contributed to a 12 per cent rise in revenue, which is higher than the 8 per cent increase in expenses, and is the result of outsourcing fees and the deduction of allowances for bad debt and doubtful accounts that rose in accordance with the growth of its portfolio.