KTC Records 12% Increase in 2Q Earnings with Growing Card Spending to Support Revenue

Krungthai Card Public Company Limited (SET: KTC) has announced its 2Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 2Q22 2Q21
Net Profit (Loss)
Million Baht
1,893.75 1,679.96
Earning Per Share
0.7300 0.6500
% Change 12.73
6 Months 2022 2021
Net Profit (Loss)
Million Baht
3,641.03 3,313.77
Earning Per Share (Baht) 1.4100 1.2900
% Change 9.88

KTC reported a net profit of Baht 1,893 million in 2Q22, increased 12.73% from a net profit of Baht 1,679 million in 2Q21.

n 2Q22, the Company recorded a total revenue of Baht 5,735 million, gained 6.1% (YoY), with contributions from higher interest and fee incomes that rose 3.6% (YoY) and 15.1% (YoY) respectively.

Due to economic recovery buoyed by easing of the country’s entry rules, gross loan receivables and accrued interest receivables in 2Q22 totaled Baht 95,069 million, up 6.3% (YoY). This amount was broken down into credit card receivables worth Baht 61,426 million, up 10.3% (YoY), personal loan receivables worth Baht 30,460 million, up 3.3% (YoY), and lease receivables worth Baht 3,184 million, down 25.2% (YoY).

Total expenditure in 2Q22 amounted to Baht 3,359 million, up 2.5% (YoY). Such an increase was due to higher administrative expenses that went up 11.9% (YoY). Meanwhile, expected credit losses and cost of funds dropped 9.2% (YoY) and 7.0% (YoY) respectively.

In 2Q22 and 1H22, the Company’s credit card spending volume grew 25.8% and 16.6% (YoY), amounted to Baht 57,535 million and Baht 109,782 million respectively; however, its card membership base shrank 1.8% (YoY) or overall membership base of 3.3 million accounts, including 2,525,367 credit cards, decreased by 0.8% (YoY), and 756,960 personal loan accounts, decreased by 5.1% (YoY).

The non-performing loans to total gross loans ratio (%NPL) in 2Q22 stood at 3.5%, marking a decrease from 3.6% and 4.4% of the 1Q22 and 2Q21 respectively. Non-performing loan ratios of credit cards, personal loans, and lease receivables stood at 1.2%, 2.8% and 54.0% respectively.