Thai finance firms’ profit up 9% to $190.7m on more loans

Sawad and Tidlor saw credit costs rise in Q4.

Finance companies in Thailand saw their combined net profit rise 9% year-on-year (YoY) to $190.69m (THB6.2b) in Q4 2024, according to data from UOB Kay Hian.

Muangthai Capital (MTC), Krungthai Card (KTC), Srisawad Corporation (Sawad) and Tidlor Holdings (Tidlor) saw their whole year net profit rise 8% YoY to $753.53m (THB24.5b).

The sector’s total loans rose 5% YoY in Q4, whilst loan portfolio climbed 5% YoY for the whole year of 2025.

Whilst credit costs were lower for the whole year, Sawad and Tidlor saw higher credit costs in Q4, said Thanawat Thangchadakorn, analyst at UOBKH.

“In 2026, we expect finance companies to increase credit cost slightly by 11 basis points (bp) year-on-year despite maintaining a cautious lending policy as the companies under our coverage, except for Krungthai Card (KTC), have set double-digit loan growth targets in 2026,” Thangchadakorn write in a March 2026 report.

The upcoming appointment of a new cabinet is expected to benefit the finance sector.

“We expect the cabinet to commence the government disbursement and stimulus policy to boost the economy,” Thangchadakorn wrote. “As a result, the finance sector is expected to benefit from the government stimulus in H2 2026 with better debt collection and improvement in asset quality,” he added.

(US$1 = THB32.51)