MTC Smiles in Q1/2021 - Net Profit of 1.374 Billion Baht, Breaking New Records! Expanding Game Plan, Opening Branches Nationwide, 5,500 Stations; Launching New Credit Pump, Sustaining Continuous Profit

MTC showcases the leadership in motorcycle title loans, announcing Q1/2021 financials with a net profit of 1.374 billion baht, marking an 11.02% increase, setting consecutive new records. Amidst the resurgence of COVID-19 waves, CEO "Chuchat Petampai" unveils an aggressive game plan, expanding branches nationwide to complete 5,500 branches by year-end, catering to community-level demands, aiming for revenue and targeted profits.

Chuchat Petaumpai, CEO of Muangthai Capital Public Company Limited (MTC), the market leader in motorcycle title loans, disclosed that as of March 31, 2021, the company and subsidiaries garnered a total income of 3.857 billion baht, an 8.95% increase from the same period last year. With a net profit of 1.374 billion baht, up by 11.02% from the previous year, supported by continuously growing outstanding portfolio, which in the first three months of this year totaled over 73.547 billion baht, increasing by 10.873 billion baht or 17.35% compared to the same period last year.

Moreover, from the beginning of the year until March 31, there have been 121 new branch openings, leading to a total of 5,005 branches nationwide for the company.

"Despite the evolving situation of COVID-19, we've slightly adjusted our operational plans but it hasn't hindered our progress. We're still on track with our expansion plans. This year, we've allocated 300 million baht for branch expansions and anticipate adding 600 more, totaling 5,500 branches by year-end. This is to accommodate the credit needs of customers across provinces, especially those seeking hassle-free loans, aiming to reduce reliance on informal credit. We aim to boost our credit portfolio growth by 20-25% and keep our non-performing loans (NPLs) under 2%"

Aside from the plans for vehicle title loans, the company places importance on the new motorcycle leasing business. With a customer base exceeding 2 million, the company foresees substantial market expansion.

CEO, Chuchat Petaumpai, reinforced 'Despite the new wave of COVID-19, our experienced management team, with almost three decades of expertise in this business, maintains a focus on stringent credit quality control to mitigate the non-performing loans (NPL), ensuring that we can overcome this challenge just as effectively as we did in the past year.