The target has been set despite the faltering economy and heightened political uncertainty.
President and chief executive
Profit growth is expected at 20% this year after a historic net profit of
The company's total loan portfolio stood at
For credit-card business this year, KTC aims to increase new cards by 400,000 compared with 130,000 in 2013 and boost spending by 15-20% from
Though the company has delivered flat growth in card spending so far this year, it is sticking with its aggressive growth targets.
Improved efficiency will be a key factor supporting growth. The company managed to cut its cost-to-income ratio to 38.9% last year, down from 52% in 2012.
"We are confident in internal efficiency after achieving a challenging target for profitability last year," Mr Rathian said.
KTC has successfully kept its bad debt for both credit-card and personal loans below industry levels. Its credit-card non-performing loans are 2.2% of loans outstanding, versus 2.3% for the industry. Its NPLs for personal loans are 1.5%, well below the industry's 3.7%.
The company aggressively set aside a loan-loss reserve of
KTC plans to float
Shares of KTC closed yesterday on the Stock Exchange of
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