Bangkok Commercial Asset Management Pcl. (SET: BAM) has announced its 2021 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Yearly | 2021 | 2020 |
| Net Profit (Loss) Thousand Baht |
2,600,215 |
1,840,622 |
| Earning Per Share THB |
0.80 |
0.57 |
| % Change |
41 |
|
BAM reported net profit of Baht 2,600 million for the year 2021 – an increase of Baht 760 million or 41 percent yoy. The improved figures indicate that the COVID-19 pandemic began to subside in Q4/2021. Moreover, auctions at the Legal Execution Department have resumed since September 1, 2021, and BAM has started to organize promotional booths in Q4/2021.
The company reported total assets of Baht 125,904 million as of December 31, 2021, decreasing by 4.7% from the year end. In Q4 2021, the company acquired NPLs (Loans purchased of receivables) from the financial institutions of Baht2,285 million and NPAs (Properties for sale) directly from financial institutions of Baht 6 million. There was a cumulative purchase of NPLs/NPAs of Baht 3,669 million for the year ended 2020.
Interest income on loans purchased of receivables – part of amount received of Baht 1,516 million, increasing by 80. 5% yoy. This is partly because the Covid- 19 pandemic was less severe in the second half of 2021.
Total interest expenses of Baht 2,559 million, increasing by 7.0% yoy, mainly because of financial management and liquidity. Regarding which, the proportion of debentures issued was higher than that of borrowings from financial institutions. Moreover, the Company repaid loans and debentures that were due, and NPLs and NPAs acquisition was reduced due to the wait-and-see strategy.
Gain on sale of properties for sale of Baht 2,963 million, increasing by 48.3% yoy. When compared to the same period of the previous year, the sale of NPAs tends to improve significantly. This is the result of pricing strategy and promotions through e-commerce platforms.
The company recorded expected credit losses of Baht 4,765 million.
