Krungthai cites rising number of clients

Krungthai beat expectations by releasing 80,000 more new cards and earning $6 million net.

"The increase will be helped by demand from certain customer groups, especially top-tier people. And the launch of many marketing campaigns also pushed up new card issues," Senior Executive Vice President Woravut Nisapakulthorn said in a report in Reuters.

Krungthai Card, which is 49.5 percent owned by number two lender Krung Thai Bank, has a 19 percent market share with 1.6 million cards issued in Thailand.

Earlier this year, the company expected to add only 100,000 net new cards in 2009 due to weak consumer confidence. In recent years it has averaged 200,000.

Krungthai Card TC is forecast to report a 19 percent fall in 2009 net profit to 423 million baht ($12.7 million), according to three analysts polled by Thomson Reuters I/B/E/S.
It reported a net profit of 201 million baht ($6 million) in the first six months.