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Muang Thai Capital Plc. (MTC), one of the country’s leading personal and hire/purchase loan provider, came out to revealed that the operating results for the 2nd quarter of 2022, ending June set a new high while the company aims to expand its portfolio to as much as 200 billion Baht by 2026.
MTC reported that its revenues for the quarter ending June stood at 4.825 billion Baht, an increase of 23.84% from the same period of the previous year.
MTC came out to say that its profit for the 2nd quarter of 2022 stood at 1.38 billion Baht, an increase of 8.74% from the same period last year, supported by the continuous growth of the outstanding balance of over 107.4 billion Baht, an increase of 34.54% compared to the same period of the year before.
Chuchat Petaumpai, Chairman of the Executive Committee, came out to say that from the beginning of the year until June 30, 2022, 676 new branches were launched, resulting in the company reaching 6,475 branches spread across the country.
“Despite the epidemic situation of COVID-19, the company has been able to maintain its loan portfolio growth of 30% as targeted due to aggressive marketing planning and strategies to expand the customer base and to meet the demand of a large number of customers all over the country,” he said.
He added that while there were positive supporting factors from the policy to fully open the country, resulting in a more active economy once again with the reopening of the school semester, as well as demand for agricultural credit which increased in line with crop prices resulting in strong loan demand growth.
For this year’s business plan, MTC will continue to target its loan portfolio to reach 120 billion Baht, supported by its core business, Muangthai Capital (MTC), and its 2 newly established businesses, Muangthai Leasing (MTLS) and Muangthai Pay Later (MTPL).
These emerging businesses are the ones that will support MTC with marketing plans for both existing customers with good repayment history and expanding new customer base with demand through branch operations nationwide.
At the same time, the company has continued to expand its branches with a recent number of 6,475 branches was close to its goal to push to have 6,500 new opening branches within 2022, and the number is likely to rise above the expectation.
MCT has a target to be the company that has the largest number of branches and customers in Thailand. In addition, MTC maintains its long-term goals that by 2026, the company believes the loan portfolio will grow past 200 billion Baht as targeted.