BFIT Reports a Soaring 2020 Earnings by 85% as NII Edges Higher

Srisawad Finance Public Company Limited (BFIT) has reported its yearly consolidated financial statement of 2020 through the Stock Exchange of Thailand as follows;

The operating results of the company for the year 2020 showed a net profit of Baht 1,503.00 million, an increase of Baht 692.14 million or 85.36% compared with net profit of Baht 810.86 million obtained during the year 2019.

The increase in net profit was mainly due to an increase of net interest income, an increase of other operating incomes and an increase of gain on investments.

In 2020, BFIT recorded an increase of net interest income by Baht 567.00 million due to an increase of interest income by Baht 320.67 million, and a decrease of interest expense by Baht 246.33 million, while interest expense decreased by Baht 246.33 million.

Other operating incomes increased by Bath 44.64 million due to an increase in bad debt recoveries which was received during the year 2020. Moreover, the company also recorded an increase of gain on investments by Baht 54.73 million is the result of the disposal of investment during the year 2020.

 

However, BFIT recognized a decrease of fee income relating to loan to customers by Baht 75.55 million due to the revised guidelines of the Bank of Thailand regarding interest rates and fees.