KTC Reports THB7.3 Billion of Net Profit in 2023 as Private Consumption Recovers

Krungthai Card Public Company Limited (SET: KTC) has announced its 2023 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 2023 2022
Net Profit (Loss)
Million Baht
7,295.40 7,079.40
Earning Per Share
2.8300 2.7500
% Change 3.05

KTC reported a net profit of THB 7,295 million in 2023, increased 3.05% from 2022. 

At the end of the year 2023, KTC had a total portfolio value of 112,346 million Baht, showing a growth of 7.8% (YoY). This expansion was supported by the gradual recovery of the Thai economy, driven by private consumption. The credit card portfolio continued to expand due to the increase in the demand in everyday spending.

KTC reported a total revenue growth of 9 . 4 % (YoY), driven by interest income and fee income. On the other hand, the total expense increased by 1 4 . 0 % (YoY). This resulted from the increase in operating expenses due mainly to the expanded transaction from fee and service expense. 

For the year 2023, the card spending of the Group expanded by 11.4% with an overall portfolio expansion of 7.8%. This includes growth in credit card and personal loan portfolios by 7.2% and 7.5%, respectively. The Non-Performing Loans (NPL) for the separate financial statement were at 1.7%, and NPL Coverage Ratio was at 476.4%. However, according to the consolidated financial statement of the Group, NPL was at 2.2% with 400.3% of NPL coverage ratio, which improved from the previous quarter. Although, the mentioned ratios were slightly increased compared to the same period in 2022 due mainly to the leasing portfolio and economic situation which was under pressure consistently, it is still in the manageable level.

For 11M23, KTC holds 15.1% of the credit card receivables market share, and the market share in credit card spending is 12.2%, indicating an increase compared to the same period in 2022. The market share for personal loan receivables (excluding auto title loan) compared to the industry is 6.3%.