Higher Income and Lower Expenses Reward SAWAD with Soaring 1Q21 Earnings by 32%!

Srisawad Corporation Public Company Limited (SAWAD) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

SAWAD reported a net profit of 1,360 million baht in 1Q21, increased 31.76% from a net profit of 1,032 million baht in 1Q20.

 

In 1Q21, the company reclassified the investment in a subsidiary (Fast Money Co., Ltd.) to the investment in associate. This represents a decrease in loan to customers from 42,266 million baht to 34,755 million baht because the consolidated financial statement excluded the loan to customers from the associated company.

 

For the three-month period ended 31 March 2021, interest income was 1,900.71 million baht, decreased 184.75 million baht or 8.86%, due to the reclassification as mentioned above and a development of guidelines for interest charge and collection fees which in accordance to the Bank of Thailand’s policy guidelines.

 

Meanwhile, other incomes were 905.35 million baht, increased by 205.68 million baht or 29.40% due to the gain from reclassification.

 

Operating expenses in the quarter were 916.37 million baht, decreased by 78.66 million baht or 7.91% YoY due to an efficient operating expenses management of the company.

 

Lastly, the reversal of expected credit loss was 174.15million baht, decreased by 368.25 million baht from the same period of the prior year which was 194.10 million baht. The decrease was due to a drop in non-performing loans from 4.99% in 1Q20 to 4.22% in 1Q21.