Higher Expense Sinks KTC’s Profit in 3Q19 to ฿1.23bn.

Krungthai Card Public Company Limited (KTC) has announced its 3Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

KTC’s profit in the third quarter was 1,292 million baht, with negative growth of 7% YoY. This was due to higher provisions set up from portfolio expansion. Bad debts write-offs also increased.

Meanwhile, the first 9 months of 2019, KTC reported a net profit of 4,205 million baht, up 8% YoY. Owing to the increased member acquisition and the growth of both main businesses, total revenue grew 6% YoY while total expenses grew 5% YoY.