KTC accounts: loans grow, cash falls; loans slow, cash returns
For Krungthai Card, loans are the product. When loans grow, operating cash flow falls; when they slow, cash comes back. Operating cash flow was THB -4,277 million in 2022 and THB 9,317 million in 2025, though profit was similar in both years.
| Price (THB) | P/E (x) | P/BV (x) | ROE | Payout | Dividend yield | 52-week position |
|---|---|---|---|---|---|---|
| 35.00 | 10.6 | 2.02 | 20.0% | 54% | 5.13% | 63% |
Price at the midday break on 12 October 2026. Other ratios are Stock Exchange of Thailand statistics at the previous trading day's close. 52-week position: 0% is the low of the range, 100% the high.
What Krungthai Card does
Krungthai Card PCL issues credit cards and personal loans; Krung Thai Bank is its major shareholder.
Total revenue was THB 27,451 million in 2025, up 1%, and net profit THB 7,782 million, up 5%.
Four years and the latest half-year
| Year | Revenue | Net profit | Gross margin | Operating cash flow | Cash after investing | DPS (THB) | Payout |
|---|---|---|---|---|---|---|---|
| 2022 | 23,170 | 7,079 | – | -4,277 | -4,503 | 1.15 | 42% |
| 2023 | 25,282 | 7,295 | – | 2,103 | 1,754 | 1.27 | 45% |
| 2024 | 27,230 | 7,437 | – | 6,000 | 5,851 | 1.32 | 46% |
| 2025 | 27,451 | 7,782 | – | 9,317 | 9,124 | 1.77 | 59% |
| H1 2026 | 13,590 | 4,397 | – | 7,133 | 7,048 | – | – |
Money in THB million, consolidated. Cash after investing = net cash from operating activities + net cash from investing activities. Dividends per share are counted in the year of the results they were paid from. Payout = dividend per share ÷ earnings per share. The half-year row covers January to June 2026 only.
Why DSO and gross margin do not apply
A lender has no cost of goods sold, so the table has no gross margin, and its receivables are loans to customers, not sales waiting to be collected. Measures like DSO do not apply.
Use instead the non-performing loan (NPL) ratio, expected credit loss (ECL) charges relative to loans, funding cost, and the coverage ratio of provisions to NPLs.
Q2 2026 profit grew faster than revenue because provisions fell. If loan quality worsens, provisions have to rise again and profit with them.
Less debt, a bigger dividend
Debt to equity (D/E) fell in every period, from 2.22x in 2022 to 1.43x at 30 June 2026, and the payout rose every year, from 42% to 59%.
Cash after investing here is net operating cash flow plus net investing cash flow, which covers both capital spending and investments in other companies. Over 2022–2025 cash after investing of THB 12,226 million fell short of dividends of about THB 14,207 million, because loan growth pushed 2022 operating cash flow negative. For a lender this figure reflects the timing of loan growth more than earning power.
Latest results and news
- Q2 2026 net profit rose about 17% to roughly THB 2.22 billion, on a higher share of investment profit and lower provisions. ข่าวหุ้นธุรกิจ
Figures to watch next
- Quarterly NPL and coverage ratios.
- ECL relative to loans: if it keeps falling while loans grow, profit may be above a sustainable level.
- Loan growth, which sets the direction of operating cash flow.
- Funding cost as interest rates change.
Questions
Why was KTC's 2022 operating cash flow negative despite a profit?
New loans are recorded as operating cash outflows. In a year of strong loan growth, more money went out in new loans than came in from profit.
Read next
Financial statements, dividends and share counts are from the Stock Exchange of Thailand website; price and ratios are as of the date on the page; news is from the linked sources. Figures do not update automatically.
Note: this explains how to read a listed company's accounts. It is not a recommendation to buy or sell any security, it sets no valuation or target price, and its author is not a licensed investment adviser. Check the latest information and weigh your own goals and risks before investing.