TRIS Rating has reaffirmed the AA corporate credit rating of Krungthai Card Plc (KTC) and assigned a stable outlook, citing the company’s resilient operating performance, solid market position and continued strategic importance within the Krungthai Bank group. The agency also maintained the AA rating on KTC’s outstanding senior unsecured debentures and rated a new senior unsecured debenture issuance of up to 13 billion baht at the same level. Proceeds are earmarked for debt refinancing and future business expansion.
The rating is supported by KTC’s status as a strategically important subsidiary of Krungthai Bank Plc, which holds a 49.3% stake and provides ongoing support in funding, distribution channels, and business operations. KTC serves as the group’s core consumer finance arm, operating across credit cards, personal loans, and vehicle‑title‑secured lending.
Despite economic headwinds and elevated household debt, TRIS assessed KTC’s business profile as very strong, underpinned by its ability to retain customers and expand market share. In 2025, KTC posted net profit of 7.56 billion baht, up 2.3% year‑on‑year. Its share of credit card receivables rose to 14.4%, while credit card spending grew 4%, significantly outperforming the industry’s 0.7% growth. The number of cards in circulation increased 6%, contrasting with an overall industry contraction and reflecting continued success in acquiring younger customers, particularly Gen Z.
TRIS also highlighted KTC’s balanced revenue structure, with fee‑based income accounting for around 22–23% of total revenue, helping to stabilize earnings. Looking ahead, KTC plans to issue approximately 250,000 new credit cards in 2026, targeting high‑income customers alongside younger segments, while developing an insurance brokerage business to generate additional fee income through digital platforms and data analytics.
Asset quality remains a key credit strength. As of year-ended 2025, KTC’s non‑performing loan ratio declined to 1.8%, below the industry average. TRIS said the stable outlook reflects its expectation that KTC will sustain strong profitability and manageable asset quality, even as it navigates economic uncertainty and high household leverage.