BFIT’s Net Profit Plunges 58% in 2Q on Lower Operating Income

Srisawad Finance Public Company Limited (BFIT) has reported its 2Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

The operating results of BFIT for the second quarter of year 2021 showed a net profit of Baht 214.15 million, a decrease of Baht 298.15 million or 58.20% compared with net profit of Baht 512.30 million obtained during the same period of year 2020. 

A decrease in net profit was due to a decrease in interest income by Baht 565.12 million and a decrease in interest expense by Baht 40.12 million. Together with a decrease in gain on the financial assets measured at fair value through profit or loss by Baht 38.11 million as a result of a decrease in investment and the valuation in accordance with TFRS9 with a decrease in value by Baht  38.42 million, including a decrease in loss on investment by Baht 0.31 million and a decrease in other operating incomes by Bath 30.49 million mainly  due to a decrease in bad  debt recoveries which was received in the second quarter of the year 2021.