KTC earns Bt3.911 billion in Q3 net profit

In the final quarter of the year, the firm aims to utilise its proactive strategies in a tactful manner and to prepare itself for diversification into Nano-Pico Finance in the near future. 
It is estimated that KTC will earn Bt5 billion in profit, with a 10 per cent profit increase goal in 2019 compared to 2018.
“The personal loans industry for consumers is continuously growing, due to the growth of the Thai economy, owing to exports and tourism that have been expanding correspondingly to the world economy,” said Rathian Srimongkol, President & Chief Executive Officer at KTC (Krungthai Card). 
“Moreover, consumption and domestic investment which have positive growth tendencies, as well as domestic demand that consistently display an upswing, have caused purchasing power to gradually improve. Despite this, government spending will become an important factor in driving the Thai economy to grow consistently.
“Meanwhile, KTC’s overall operations in the first nine months of the year has exceeded expectations. The firm achieved Bt3.911 billion in net profit, a 65 per cent boost compared to the previous year. Net profits within Q3 alone totalled Bt1.396 billion. 
“The firm continues to consistently earn profits from credit-card spending and increases in receivables from credit cards and personal loans, despite a progressively intense competition among personal loans purveyors. These include rapidly changing consume behaviour and posing challenges of new emerging technologies. Consequently, the firm had to adjust its business plan and reorganise its system correspondingly to prepare and achieve better efficiency. 
“These efforts are evident in the increases in personal loans accounts and Q3 credit-card spending, along with a spike in cash withdrawals from ‘KTC Proud’ Revolving Loan cards members.”