KLeasing eyes significant growth on back of product development, rising auto sales
Kasikorn Leasing (KLeasing) is ready for the expected continuing uptrend in the auto market in the second half of the year, and aims to extend Bt45 billion of financing during the full year.
The company is on track to undertake comprehensive development of its products, including digital channels, and to employ data analytics for gaining in-depth understanding of demand, which will assist in devising proactive product offerings without awaiting customers’ requests, executive chairman Sasawat Virapriya said on Monday.
The strategy is expected to result in a greater number of loan approvals and financing under KLeasing’s K-Auto Finance refinancing product, with significant growth likely to be generated this year, he explained.
Auto sales in Thailand have been on an uptrend since the turn of the year, with sales amounting to 316,299 units in the first four months, representing more than 15.5-per-cent year-on-year growth. This trend will likely continue throughout the year and total auto sales could reach around 484,000 units during the second half, equal to annual growth of more than 5 per cent, Sasawat said.
Therefore, the full year could see sales of 950,000 units, some 9 per cent more than the 2017 level.
Such performance is mainly supported by the recovering economy, with respect to expanding public and private investments, tourism and e-commerce, which benefit transport and service businesses, the executive chairman added.
In addition, carmakers have continually launched new series, while the auto-financing business of commercial banks is forecast to grow 10.5 per cent this year, with improvements being seen in the non-performing-loans – those overdue for over three months – trend, he said.
