Krungsri Auto, a leader in automotive finance under Bank of Ayudhya PCL, today announced its 2021 business performance with the new volume of 156 billion baht and the loan outstanding of 422 billion baht, reaffirming its leadership position in Thailand's automotive finance market. This year, Krungsri Auto will propel business growth by continually focusing on product and service solution development and establishing an integrated and robust Mobility Ecosystem.
Mr. Congsin Congcar, Head of Krungsri Auto Group, Bank of Ayudhya PCL, said, "2021 remained a period of high uncertainty, caused by the prolonged COVID-19 pandemic, which resulted in the considerably volatile overall economy and automotive market across all segments. The new car sales decreased by 4% while the automotive finance market contracted by 2.5%, year-on-year. Krungsri Auto, however, successfully maintained its performance, achieving 156 billion baht in new lending volume and 422 billion baht in loan outstanding."
The strong business results of the previous year were underpinned by three key success drivers. Firstly, Krungsri Auto has continued to deliver insight-driven solutions, ranging from products and services to financial solutions that effectively fulfill the needs of customers, manufacturing brands and automotive partners. Moreover, innovation readiness, as demonstrated by the pilot launch of a comprehensive digital auto service for new and used cars, has enabled Krungsri Auto to efficiently respond to current consumer lifestyles. More importantly, Krungsri Auto remains committed to its Responsible Lending practice by advancing assistance to impacted customers via various proactive measures. Throughout the past two years, over 775,000 customers have received support through grace periods of repayment and debt restructuring, which also allowed Krungsri Auto to maintain the stability of its loan portfolio.
In addition, Krungsri Auto has continued to earn consumer confidence and trust, as reflected by its ninth consecutive wins at Superbrand Thailand and Thailand's Most Admired Brand by BrandAge Magazine, reinforcing its position as the top-of-mind automotive finance brand among Thai consumers.
"The automotive market in 2022 is expected to expand, as driven by signs of gradual economic recovery. New car sales are anticipated to reach 810,000 units, a year-on-year increase of 6%. For Krungsri Auto, we will put emphasis on developing product and service solutions to address current and future changes, as well as establishing a comprehensive Mobility Ecosystem to capture new business opportunities and expand our capabilities to better serve automobile users," concluded Mr. Congsin.