Krungsri Consumer reveals 2023 operating results showing continued good growth.

Bangkok, Krungsri Consumer reveals 2023 operating results continue to grow. The total spending via cards was 365,000 million baht, growing 10 percent, with new loans at 92,000 million baht and outstanding loans at 148,400 million baht, indicating high growth in travel spending. Consumption recovers Credit card and loan businesses are expected to continue to grow. Targeting total card spending of 393,000 million baht, new loans of 100,000 million baht, and outstanding loans of 151,000 million baht in 2024. Ms. Nayanee Phueakkham, Chairman of the Board of Directors, Krungsri Consumer, credit card and personal loan service provider which includes Krungsri Credit Card, Krungsri First Choice Card, Central The One Credit Card and Lotus Credit Card, said, 'Krungsri Consumer's operating results in 2023 grew in line with the economic recovery. The total card spending amounted to 365,000 million baht, growing 10 percent. New loans amounted to 92,000 million baht, growing 6 percent. Outstanding loans were 148,400 mill ion baht, growing 3 percent. This is a result of success in bringing innovation and data to create financial products. and promotions that meet customer needs and continually raise the quality of service Including collaborating with partners in the Krungsri Group through the Krungsri One Retail strategy and leading partners in other businesses. To create business models and financial products that better meet the needs of customers. to create sustainable growth As for the outstanding ratio of loans for debtors with installments overdue for more than 90 days, it was at the level of 1.1% for credit cards and 2.5% for personal loans and installment loans. This is considered lower than the average in the business. Due to strict risk management This is from data on spending via credit cards in the Krungsri group. Consumers in 2023, the categories with the highest spending include 1. Insurance, 2. Gas stations, 3. Online shopping and electronic wallets. 4. Home decoration and household appliances 5.Hypermarts and supermarkets Categories with high growth include: 1.Travel agents 83 percent, airlines 53 percent, car rentals 30 percent and hotels 30 percent. As for 2024, it is expected that the credit card and personal loan businesses will continue to grow. Spending via cards and loans should grow well. from shopping and tourism that are likely to increase Especially in the first quarter, it is expected to receive positive results from government tax reduction measures. Including shopping festivals such as New Year, Chinese New Year, and tourism, Krungsri Consumer sets a target for total card spending of 393,000 million baht, new loans of 100,000 million baht, and outstanding loans of 151,000 million baht by 2024. Source: Thai News Agency