Krungsri Auto, a leader in automotive finance under Bank of Ayudhya PCL, today announced its 2020 business performance, delivering 2.4% growth in loan outstanding, valued at 428 billion baht, and successfully maintaining one-fourth of the comprehensive automotive finance market. Krungsri Auto targets to achieve 448 billion baht in loan outstanding within 2021, a year-on-year increase of 5%.
Mrs. Kittiya Srisanit, Head of Krungsri Auto Group, Bank of Ayudhya PCL, said, "The overall automotive finance market in 2020 was hampered by the flagging economy, resulting in 18% year-on-year contraction in the market's new lending volume. However, Krungsri Auto's performance remained strong, with loan outstanding reaching 428 billion baht in value, an increase of 2.4% from the previous year. We also successfully retained one-fourth of the automotive finance market share, covering new car, used car, motorcycle, and refinance - Car4Cash loans, along with maintaining the quality of our loan portfolio."
Throughout 2020, Krungsri Auto achieved the key objectives of providing aids to customers through assistance measures and debt restructuring programs while working closely with car and motorcycle dealer partners nationwide by offering auto finance solutions that effectively respond to customers' needs. The launch of the GO Application by Krungsri Auto marked a significant milestone in building the new business model 'Krungsri Auto Ecosystem.' With over 550,000 downloads to date, the platform serves as an important channel through which Krungsri Auto can reach a broader base of automobile users and pursue more varied new business opportunities. Employees' capabilities and service standards were also improved to ensure that customers' needs are answered comprehensively.
"Krungsri Auto foresees a gradual recovery of new car sales in 2021 at 810,000 units. We strongly believe that we will be able to meet this year's growth targets through our commitment to delivering seamless digital customer experience and further building 'Krungsri Auto Ecosystem.' We expect to achieve 448 billion baht in the loan portfolio or a growth of 5%, and maintain the non-performing loan rate below 2%," concluded Mrs. Kittiya.
The New Experience with Krungsri Auto
Krungsri Auto, a leader of automotive finance business under Krungsri, offers a variety of loan services, including "Car for Cash", "Krungsri Rod Baan", "Krungsri New Car", "Krungsri Used Car", and "Krungsri Truck" operated by Krungsri Auto Group, Bank of Ayudhya Public Company Limited, "Krungsri Motorcycle", "Krungsri Big Bike", "Krungsri Used Big Bike" "Car for Cash Motorcycle" "Krungsri Inventory Finance" as well as insurance services by "Krungsri Auto Broker", operated by Ayudhya Capital Auto Lease Public Company Limited.
Customers can access these financial services through Krungsri Auto's 51 branches and the Bank of Ayudhya's branches nationwide, and Krungsri Auto Call Center (tel. 02-740-7400, press 1). Visit www.krungsriauto.com or www.facebook.com/krungsriauto for more details.
Source: FleishmanHillard Thailand