BFIT’s 1Q20 Profit Skyrockets over 5 Folds to ฿314M after Booking Higher Interest Income

Srisawad Financial Public Company Limited (BFIT) has announced its 1Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

BFIT reported a net profit of 314 million baht in the first quarter of 2020, increased 514.89% from a net profit of 51 million baht in the same period of last year. The increase was mainly due to an increase of net interest income by 218.86 million baht due to an increase of interest income by 128.76 million baht and a decrease of interest expense by 90.10 million baht

An increase of interest income from loans to customers by 129.24 million baht due to the growth of loan portfolio from 18,679.81 million baht as at March 31, 2019 to 19,547.95 million baht as at March 31, 2020 or increase 4.65%.

Moreover, BFIT reported a decrease of other operating expenses by 171.94 million baht which was mainly caused by a decrease of loan management fee by 260.70 million baht.

BFIT had an increase of bad debt, doubtful accounts by 112.79 million baht due to the growth of loan portfolio.