BFIT’s 3Q19 Profit Rockets Near 2 Times after Booking Higher Interest and Fee Income

Srisawad Finance Public Company Limited (BFIT) has reported its 3Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

The operating results of BFIT for the third quarter of year 2019 showed a net profit of 321.60 million baht, an increase of 221.37 million baht or 191.76% compared with a net profit of 110.23 million baht obtained during the same period of year 2018.

The increase of profit in 3Q19 was due to an increase of net interest income by 265.26 million baht due to an increase of interest income by 212.89 million baht and a decrease of interest expense by 52.37 million baht.

Moreover, fee income relating to loan to customers also increased by 11.54 million baht while a decrease of doubtful accounts by 44.58 million baht due to the collateral value has been used as a deductible value for provision calculation. BFIT sets up allowance for doubtful accounts in accordance with loan classification and reserve requirements by the Bank of Thailand.