Krungthai Card
Krungthai Card (SET: KTC) is Thailand's largest listed credit-card, consumer-finance operator, majority-owned by Krungthai Bank. FY2024 revenue ~THB 25B, net profit ~THB 7B. Product stack: personal loans, credit cards (domestic, international travel), car title loans, adjacent consumer services. KTC is the cleanest listed exposure to the Thai consumer-credit cycle — disciplined underwriting, collections have outperformed peer operators through multiple cycles.
Snapshot
Headline numbers a buyer checks first.
FY2024 revenue
~THB 25B
FY2024
FY2024 net profit
~THB 7B
FY2024
Parent
Krungthai Bank (majority)
Current
Listing
SET: KTC
2002
What this company actually does
KTC runs Thailand's largest listed consumer-finance, credit-card business. Credit cards (domestic, international-travel branded) generate interchange, interest revenue; personal loans (KTC KHUM) and KTC Proud (cash advance) serve mass-market consumer borrowing needs; car title loans (KTC P Berm) serve subprime-adjacent secured lending. Majority ownership by Krungthai Bank (state-linked KTB) provides funding, regulatory, treasury support; independent listing provides capital-markets access.[]
Strategically, KTC's advantage is disciplined underwriting through cycles. Thailand's 88-91% household-debt-to-GDP ratio creates persistent credit stress; KTC's NPL ratios, loan-loss provisioning have historically outperformed peer consumer-finance operators. For investors, KTC is the cleanest listed exposure to Thai consumer-credit cycle beta — with historical ROE that matches or beats most SET-listed banks.[]
Product lines
Credit cards
KTC credit card franchise
Core product: domestic and international-travel branded credit cards. Generates interchange (merchant fee) and revolving-interest revenue. FY2024 card receivables approximately $1.45B. BOT DSR guidance constrains new-card origination at elevated household-debt ratios.
Personal loans
KTC KHUM and KTC Proud
KTC KHUM is an unsecured personal-instalment loan product; KTC Proud is a cash-advance facility. Combined personal-loan receivables approximately $2.03B. Higher yield than credit cards; higher NPL risk in consumer-stress cycles.
Secured lending
KTC P Berm car title loans
Vehicle-title secured lending targeting sub-prime adjacent borrowers. Competes with Ngern Tid Lor and Srisawad Group. Secured structure moderates loss-given-default but borrower profile carries elevated default probability in income-shock scenarios.
Parent
Krungthai Bank group
KTB majority ownership provides funding access at bank cost-of-funds, treasury support, and branch-network referrals. Independent SET listing enables capital-markets access and shareholder discipline independent of KTB's own capital needs.
Thai consumer finance peer comparison
Key metrics, FY2024
| Entity | Ticker | FY2024 revenue | Net profit | Primary product |
|---|---|---|---|---|
| Krungthai Card (KTC) | KTC | ~ $724.6M | ~ $202.9M | Credit cards, personal loans |
| Ngern Tid Lor | TIDLOR | ~ $434.8M | ~ $101.4M | Car title, nano-finance |
| Aeon Thailand | AEONTS | ~ $347.8M | ~ $58M | Credit cards, personal loans |
| Srisawad Corp | SAWAD | ~ $289.9M | ~ $58M | Car title, motorcycle title |
Key drivers 2025-2026
Credit quality
NPL cycle management
Thai household debt at 88-91% GDP is structurally elevated. KTC's underwriting discipline — tighter DSR limits, faster collections — is the investment thesis. Any deterioration in NPL ratios signals macro spillover into KTC's prime consumer segment.
Competition
Virtual bank entrants
Five Thai virtual bank licences awarded 2024 (Gulf KBank, VGI SCBX, Ascend, MOSHI, etc.). Digital banks competing for unsecured personal credit will test KTC's distribution advantage and pricing power through 2026-2027 ramp-up.
Regulation
BOT DSR and credit-cap guidance
BOT macro-prudential Debt Service Ratio (DSR) guidance constrains new unsecured credit origination for borrowers above the 70% DSR threshold. Rule tightening compresses KTC's addressable new-customer origination pool.
Watchpoints
NPL ratio, loan-loss provisioning
Leading indicator of consumer-credit cycle stress; KTC historically outperforms peers on discipline.
Credit card, personal loan volume split
Product-mix evolution as BOT macro-prudential DSR guidance tightens.
Virtual bank competitive response
Whether incoming digital banks take share from KTC on unsecured consumer credit.
Car title loan book growth
Subprime-adjacent; Ngern Tid Lor, Srisawad competition; regulatory attention rising.
Related Market profiles
Peers, parents, partners, agencies, and other Fintech & Digital Banking actors.
Parent
Krungthai Bank
KTB is majority owner.
Open Market profile →
Competitor
LINE BK
Digital bank competing for unsecured consumer credit.
Open Market profile →
Sector peer
Bangkok Bank PromptPay Implementation (BBL)
Bangkok Bank’s PromptPay integration as a top-5 Thai commercial bank, handling real-time retail and corporate interbank transfers on the ITMX PromptPay rail.
Open Market profile →
Sector peer
Bitkub
Thailand's dominant SEC-licensed crypto exchange; 2021 SCB USD 500M+ acquisition attempt did not complete.
Open Market profile →
Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
Krungthai Card (SET: KTC) FY2024 Form 56-1
| Source | Publisher | Grade | As of |
|---|---|---|---|
| Krungthai Card (SET: KTC) FY2024 Form 56-1 | Krungthai Card PCL | Primary | 2025-03-31 |
Reports featuring this profile
Thai Private Credit: SRT and the Non-Bank Lending Build-Out
Major Thai non-bank credit-card and personal-loan operator; SET-listed; subsidiary of Krungthai Bank.
Open report →
Sits alongside 7 other Atlas profilesThailand Fintech & Digital Banking Market Intelligence
Largest listed Thai consumer-finance, credit-card operator; THB 25B FY2024.
Open report →
Sits alongside 8 other Atlas profilesThailand Banking Market Intelligence
KTB-majority subsidiary; consumer-finance arm of the Krungthai Group.
Open report →
Sits alongside 15 other Atlas profiles