KTC Sets New Highest Record with Profit Increase by 20.4%

Krungthai Card Public Company Limited (SET: KTC) has announced its annual financial statement of 2022 through the Stock Exchange of Thailand as follows;

Year 2022 2021
Net Profit (Loss)
Million Baht
7,079 5,879
Earning Per Share
2.75 2.28
% Change 20.4

The net profit for the year 2022 of KTC equaled Baht 7,079 million, increased by 20.4% from the same period last year. Total loans to customers increased by 12.5% (YoY) due to the recovery of the Thai economy, the increasing trend of domestic spending and the accelerated tourism sector, together with positive feedback from the reopening in many countries around the world, especially China which is expected to open in early January 2023. 

Therefore, total loan to customers and accrued interest receivables of the Company for the year 2022 equaled to Baht 104,194 million, increased by 12.5% from the year 2021 which equaled to Baht 92,636 million. 

The total revenue of the Company for the year 2022 equaled Baht 23,231 million, increased by 8.3% (YoY) from an increase of interest income (including credit usage fee) and fee income by 5.6% (YoY) and 15.8% (YoY) respectively. Total bad debt recovery for the year 2022 equaled Baht 3,421 million, increased by 4.7% (YoY).

Total expense for the year 2022 equaled to Baht 14,377 million, rose by 1.3% (YoY) due to administrative expense increased by 10.8% (YoY) mainly from an increase in marketing expense by 34.5% (YoY) and fee expense by 16.2% (YoY). Meanwhile, expected credit loss decreased by 10.8% (YoY) and finance costs dropped by 1.6% (YoY).

Total industry and KTC’s credit card spending volume for 11-month grew closely at 22.6% and 22.4% respectively due to the recovery of domestic demand, while KTC credit card spending volume for 4Q22 and for the year 2022 grew at 19.3% and 21.7% respectively.