Krungthai Card Public Company Limited (SET: KTC) has announced its 3Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 3Q24 | 3Q23 |
| Net Profit (Loss)
Million Baht |
1,919.33 | 1,856.52 |
| Earning Per Share
(Baht) |
0.7400 | 0.7200 |
| % Change | 3.38 | |
| 9 Months | 2024 | 2023 |
| Net Profit (Loss)
Million Baht |
5,548.51 | 5,534.07 |
| Earning Per Share (Baht) | 2.1500 | 2.1500 |
| % Change | 0.26 | |
KTC reported a net profit of Baht 1,919 million for 3Q24 and Baht 5,549 million for 9M24, reflecting an increase of 3.4% and 0.3%, respectively, compared to the corresponding periods in 2023.
Total revenue in 3Q24 grew by 6.6% (YoY), driven by fee and service income and increased bad debt recovery. Total expenses rose by 8.5% (YoY), reflecting higher fee and service costs aligned with the growth in card spending. Expected credit losses increased by 9.1% (YoY) due to accelerated bad debt writeoffs under the new write-off policy and prudent provisioning measures. With rising money market interest rates, financial costs also increased by 2.6% (YoY).
Total loan portfolio stood at Baht 106,183 million, demonstrating stability compared to the same period last year, despite elevated household debt levels. The credit card receivables portfolio experienced a slowdown, partly attributed to the increase in the minimum repayment rate, while card spending maintained a solid growth of 10.0% (YoY). The personal loan portfolio continued its gradual expansion.
KTC’s non-performing loan ratio (%NPL) for 3Q24 was 1.93%, showing a decrease compared to 2Q24, which was 1.97%. The %NPL for the credit card, personal loan, and leasing business stood at 1.30%, 2.21%, and 16.71%, respectively. Allowance for expected credit losses amounted to Baht 7,610 million, representing a decline of 19.6% (YoY), driven by accelerated write-offs this year, for which provisions had already been accounted for. The NPL Coverage Ratio, reflecting the allowance for expected credit losses relative to NPLs, remained robust at 373.31%, although slightly lower than the 381.53% recorded in 3Q23.
For 9M24, KTC’s card spending volume was Baht 211,459 million, expanding 10.0% YoY. The company had 3,445,286 account members, comprising 2,758,150 credit card accounts, an increase of 5.4% (YoY), and 687,136 personal loan accounts, reflecting a decrease of 3.9% (YoY).
KTC increased its market share in card spending volume to 12.9% compared to last year’s period and the proportion of credit card receivables relative to the industry for 8M24 to 14.9%. Additionally, the company’s share of personal loan receivables (excluding those secured by vehicle registration) compared to the industry has experienced a modest increase, rising to 6.4% from 6.2% in the corresponding period last year.
