Thailand's Tisco Financial Group Pcl reported a 20 percent rise in second-quarter net profit on Monday, thanks mainly to higher net interest income and lower provisions after bad debts fell again.
The company, which owns Tisco Bank, one of Thailand's top five auto loan providers, made a net profit of 1.21 billion baht ($34.5 million) in the April-June period, below the average 1.27 billion baht forecast by seven analysts in a Reuters survey.
Net interest income rose 9.9 percent from a year earlier due to the lender's ability to maintain loan yield and control costs, while provisions declined 25.6 percent thanks to improved asset quality, the company said in a statement.
Non-performing loans (NPLs) dropped to 3.03 percent of total lending in the second quarter, versus 3.07 percent in the previous quarter after rising as high as 3.3 percent in the third quarter of 2015, it said. Retail customers accounted for 70.6 percent of the loan portfolio, with hire purchase or auto loans making up nearly 90 percent of retail loans in the second quarter, it said.
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