Car loans by Kiatnakin Group slows
Kiatnakin Phatra Financial Group has become more cautious in providing new car loans amid a volatile domestic and global economy.
Chief executive officer Aphinant Klewpatinond said the group has been more careful in giving new loans to high-risk segments, especially vehicles, since the fourth quarter last year. This has led to its auto lending contracting in the first half of this year.
However, its car loans in the second half could expand, though the group will continue to lend to the segment cautiously. He expects it will take at least two years before lending to the segment goes back to normal.
The other high-risk portfolio is property loans – for the real-estate, apartment and hotel businesses, Aphinant said.
Due to its present policy, the group’s overall new loans this year are expected to expand only 5 per cent, falling short of the 8 per cent target. A growth of 2.1 per cent was achieved in the first half.
Aphinant said new lending has expanded while only auto loans have slowed down. Car loans are the gro
