Krungthai Card Plc (KTC), a non-bank company under Krungthai Bank Group (KTB), hopes to book large profits this year, supported by its new S-curve businesses.
KTC P Berm offers car title and auto leasing loans as part of its focus on S-curve services. Car title loans have high growth potential, said president and chief executive Rathian Srimongkol, after the firm launched KTC P Berm in September 2020.
He said the company adjusted the KTC P Berm loan growth target for 2022 to 11.5 billion baht from the previous goal of 2.2 billion.
The ambitious target should be supported by the company's major shareholder, KTB, particularly via loan application channels from both physical branches and digital platforms, Mr Rathian said.
Customers can apply for a KTC P Berm loan at KTB's 990 physical branches nationwide.
The company is also in the process of offering KTC P Berm via KTB's mobile banking app, Krungthai Next.
KTC intends to offer KTC P Berm loans to users of Pao Tang, the mobile app developed by KTB. The Pao Tang app has around 34 million users.
KTC P Berm covers two vehicle loan products: car title loans and auto leasing loans.
Car title loans are the main focus, representing 80% of its total automotive loan portfolio, with the remaining 20% auto leasing loans.
The company expanded the maximum credit line for car title loans from 700,000 baht per borrower to 1 million baht based on the risk profile of the client.
Of the total KTC P Berm loan applications, car title loans account for 80% and auto leasing loans account for the remainder.
In addition, Mr Rathian said MAII by KTC, its digital platform to promote engagement between customers and partners, is another new S-curve venture sustaining the company's income.
For this year, MAII targets 1 million members and expansion of its business partner number by 10.
Given the new S-curve focus, the company expects 2022 will be another year of high profits, following the trend of the past few years.
For the first nine months of 2021, KTC posted net profit of 4.63 billion baht, rising from 4.01 billion over the same period the year before.
