Krungthai Card Public Company Limited (SET: KTC) has announced its 1Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 1Q22 | 1Q21 |
| Net Profit (Loss) Million Baht |
1,747.27 | 1,633.80 |
| Earning Per Share (Baht) |
0.68 | 0.63 |
| % Change | 6.9 | |
KTC reported a net profit for the first quarter of 2022 of THB1,747 million, which increased by 6.9% from the same period of 2021 amounted to THB1,634 million.
Total receivables portfolio expanded by 3.9% (YoY), mainly from an acquisition of KTB Leasing Company Limited (KTBL) with loans to customers and accrued interest receivables amounted to THB90,208 million with good quality portfolio.
KTC’s total card spending volume for the first quarter of 2022 increased by 7.9% or equal to THB52,247 million which was higher than those before the Covid-19 outbreak (amounted to THB49,091 million in 2019). In addition, there is an opportunity to further expand due to the open-country policy both in Thailand and other countries.
Total revenue equal to THB5,357 million, increased by 0.7% (YoY). Fee income was about the same as previous year and total bad debt recovery for the first quarter of 2022 equaled to THB857 million, higher than that of the same period last year which amounted to THB834 million.
Total expense decreased by 3.1% (YoY) due to expected credit losses decreased by 13.2% (YoY) and cost of funds decreased by 7.4% (YoY), while administrative expense increased by 5.0% (YoY).
In the first quarter of 2022, KTC’s allowance for expected credit loss equal to THB9,744 million, increased by 32.8% (YoY). The allowance for expected credit loss to KTC’s NPL at the end of the first quarter of 2022 was at 303.9%, increased from the fourth quarter of 2021 at 292.2%.
