Krungthai Card

Krungthai Card Public Company Limited (KTC) has announced its 3Q21 consolidated financial statement through the Stock Exchange of Thailand as follows; KTC reported its net profit for the third quarter at 1,317 million baht, increased by 7.85% compared to the same period of last year. The increase was mainly due to its lower provision on expected credit loss (ECL) that decreased 24% from the same period of last year. The total loan to customers and accrued interest receivables totaled 87,030 million baht, increased by 3.2% YoY, in which the increase was from the portfolio of KTB Leasing Co., Ltd. (KTBL) consolidation. For the third quarter of 2021, credit card spending decreased by 11.8% YoY or amounted to 43,545 million baht. Meanwhile, total member base amounted to 3,306,580 million accounts, comprising 2,522,945 credit card accounts, a 2.3% decrease YoY and 783,635 personal loan accounts, a 12.5% decrease YoY. As a result of continuous control in portfolio quality, the expected credit losses were reduced by 24.1% YoY and finance costs decreased by 10.5% YoY, while total operating expenses increased slightly by 3.0% YoY. NPL Ratio of the third quarter was at 3.8%, a reduction from 4.4% in the second quarter of 2021 due to the written-off of the hire purchase portfolio from KTBL. The NPL of hire purchase receivables was at 46.1%, reduced from 51.7% in the second quarter, while the NPL of credit cards in the third quarter remained at the same level of 1.5%. For personal loans, there was a slight increase from 3.0% in the second quarter to 3.2% in the third quarter. KTC has credit card receivables market share to the industry for the first eight months of 2021 at 13.5% and of personal loan receivables market share to industry was at 4.3%.