Krungthai Card Public Company Limited (SET: KTC) has started 2026 on a strong note, reporting a first-quarter consolidated net profit of THB 2,171 million, representing a significant 16.7% increase compared to the same period in 2025. This robust performance was achieved despite a deceleration in the Thai economy and fragile household purchasing power, highlighting KTC’s effective risk management and proactive asset management.
Total revenue for the quarter reached THB 6,889 million, representing a slight growth of 0.8% year-on-year. While interest income remained stable at THB 3,993 million, fee income from interchange and merchant fees rose by 1.0%.
A primary driver of the bottom-line growth was a 6.0% reduction in total expenses, which fell to THB 4,169 million. This decline was largely fueled by a 13.0% drop in expected credit losses (ECL) and a 16.1% decrease in financial costs. The company’s cost of funds improved to 2.71% from 2.96% in 1Q25, while the Net Interest Margin (NIM) rose to 13.21%.
KTC’s total loan portfolio expanded slightly by 0.7% to reach THB 107,841 million. While the credit card portfolio grew marginally by 0.2%, credit card spending volume increased by 3.7% to THB 76,800 million. Notably, the personal loan portfolio saw a more robust growth of 3.3%, driven by the success of the “KTC P BERM” car-for-cash product. Total membership reached over 3.7 million accounts, with credit card accounts specifically growing 8.0% year-on-year.
Asset quality remains a cornerstone of KTC’s strategy. The non-performing loan (NPL) ratio at the group level improved to 1.93% from 1.97% in 1Q25. Furthermore, the Group’s NPL coverage ratio was bolstered to 408.3% from 384.5% last year, reflecting a prudent management approach. With a reduced debt-to-equity (D/E) ratio of 1.30 times and a cost-to-income ratio maintained at 35.0%, KTC remains well-positioned to navigate ongoing supply chain volatility and external economic risks.
