Wichit Phayuhanaveechai, Managing Director of SCAP disclosed that although the company has primarily set a target of the loan portfolio at 4,000 million baht due to the inevitable challenges caused by the prolonged pandemic. However, the company's loan revenue has been rising steadily and significantly. Thereupon, SCAP has decided to reset the retail loan target to 5,000 million baht, a 200% increase from 2020. It is expected that the economy will gradually recover by the fourth quarter of 2021 followed by the expansion of the loan market.
"Due to the gradual increase in credit demand during the pandemic, SCAP's unsecured loans have offer choices for borrowers as banks mainly focus on giving loans to people with financial stability. As for nonbanks, they offer small loans which have more flexibility. Nonetheless, the Bank of Thailand has issued several relief measures for low-interest loans, resulting in interest rate competition where borrowers are highly benefited as well as the significant expansion of the loan market. Moreover, SCAP continues to
penetrate the untapped markets by joining forces with various partners to provide exclusive personal loans and motorcycle hire-purchase loan products. The effort allows the company to tap into an under-served base of customers who need credits or are in pursuit of motorcycle ownership," said Wichit.
The company has proven its resilience to achieve great success despite uncontrollable situations, for example, the spread of the virus. Although there are relief measures empowered by various sectors, SCAP is focused on providing inclusive and accessible services for customers in all walks of life. SCAP is confident that raising the retail loan target to 5,000 million baht by the end of 2021 is a reachable goal. It is forecasted that the economy will gradually recover by the end of 2021's fourth quarter energizing the overall business of SCAP to grow surpassing the set target. The substantial and steady growth will highly benefit Srisawad Corporation PLC or SAWAD, a major shareholder of SCAP. Concurrently, it will help sharpen SCAP readiness to be Stock Exchange of Thailand's listing company in the next few years and continue its rapidly expansion in the future., added Wichit.
Source: Vision On