BFIT Reports a Soaring 25-Fold Profit in 2Q to Record at ฿512m from Interest Income

Srisawad Finance Public Company Limited (BFIT) has announced its 2Q20 financial statement through the Stock Exchange of Thailand as follows;

BFIT reported a net profit of 512 million baht in 2Q20, increased 2,574% or over 25 folds from a net profit of 19.15 million in 2Q19. The increase in net profit was mainly due to an increase of interest income by 394.31 million and a decrease of interest expense by 84.12 million.

The company stated that its fee income relating to loan to customers decreased by 31.23 million baht due to the revised guidelines of the Bank of Thailand regarding interest rates and fees.

Other operating incomes increased by 30.41 million baht due to an increase in bad debt recovery. Meanwhile, other operating expenses decreased by 181.96 million.