KTC’s 3Q Profit Falls 5.5% to ฿1.22Bn as Fee Income and Card Spending Drop

Krungthai Card Public Company Limited (KTC) has reported its 3Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

KTC reported a net profit of 1,221 million baht in 3Q20, decreased 5.50% when compared to the same period last year. The decrease was due to a record of lower fee income for the quarter at 1,093 million baht, contracted 10.3% YoY.

For the first eight months of 2020, KTC’s credit card spending contracted at 8.4% and so did that of the industry at 13.1%. By monthly comparison for the third quarter of this year, the industry’s contraction rate in July and August were at 14.0% and 10.5%, respectively while KTC’s credit card spending in July and August contracted less than those of the industry at 5.6% and 4.3% respectively. This was because not only the government relaxed its measures but also consumers adapted their behavior and resumed their card spending to almost normal level. For the first nine months of 2020, KTC’s credit card spending contracted at 8.3% or valued 139,993 million baht in total.