MTC showcases Q1/2024 performance in line with targets

Muangthai Capital (MTC) Emphasizes Commitment to World Class Thai Microfinance, Focuses on Sustainable Strengths, Creates Opportunities for Access to Capital and Financial Inclusion in All Dimensions. Showcases Q1/2024 Financials: Loan Portfolio Surges to 147,587 Billion Baht, Up 17.4%; Net Profit Increases to 1,389 Billion Baht, Up 29.8% Year-on-Year; NPL Ratio at 3.03%. Deputy Managing Director, Parithad Petampai, Confident in Strong Performance Trend for Year 2024, Expects Loan Portfolio Growth of 15-20%.

Parithad Petampai, Deputy Managing Director of Muangthai Capital Public Company Limited (MTC), revealed the company's continued dedication to becoming a global standard microfinance institution, focusing on sustainable strengths for the business, providing financial inclusion nationwide, and enhancing customer service impressively. In Q1/2024, the company achieved total revenue of 6,631 billion baht, up 17.8%; net profit of 1,389 billion baht, up 29.8%; and loan portfolio growth of 17.4% compared to the same period last year, reaching 147,587 billion baht.

“Key factors driving revenue and profit in Q1/2024 continue to be the momentum from vehicle title loans and branch expansion, which increased lending volume. The company opened 251 new branches, bringing the total to 7,788 branches by the end of March 2024. This year, we plan to open an additional 600 branches to meet customer demand.”

Non-performing loans (NPLs) in Q1/2024 decreased to 3.03% from the previous quarter, and we are confident that the peak was passed in 2566, after writing off bad debts and selling NPLs. We also emphasize more cautious lending practices.

The Deputy Managing Director of MTC added that he is confident in the company's performance outlook for 2024, aiming for loan portfolio growth of 15-20%. This goal is to enhance access to capital through the network of branches, which is expected to exceed 8,000 by the end of this year. The target is to keep the NPL ratio below 3.2%, alongside efficient cost management. The company plans to secure funding through borrowing from financial institutions both domestically and internationally, and issuing debentures.

MTC has been rated “Excellent” (5 stars) for corporate governance and has received an “A” ESG Rating from the Stock Exchange of Thailand. Additionally, MTC has been rated “AA” by the MSCI Index. These accolades reflect MTC's leadership in responsible and fair microfinance, aiming to create financial stability, strengthen the economic system, and grow sustainably alongside Thai society.

Furthermore, MTC is committed to elevating its loan services to world class standards, aligning with international cooperation efforts from institutions such as the Japan International Cooperation Agency (JICA) and KFW DEG. This collaboration aims to mobilize financial resources to provide comprehensive support to the public, under principles of good governance, respect for rights, protection of interests, and exceeding customer expectations for maximum satisfaction.