Krungsri (Bank of Ayudhya PCL and its business units) reports 25.2 billion baht in net profit for the first nine months of 2023, an increase of 8% over-year, mainly driven by continuous growth in operating income from both net interest income and non-interest income, owing to organic domestic loan expansion together with overseas consumer finance portfolio acquisitions.
The solid earnings were in line with healthy loan growth at 3.5% and improved net interest margin (NIM) to 3.70% in 9M/23, notwithstanding higher operating expenses corresponding to increased business volume and activities, as well as expected credit loss as a prudential safeguard for overseas subsidiaries.
Highlights of Krungsri's consolidated nine-month 2023 performance:
Krungsri President and Chief Executive Officer Mr. Kenichi Yamato, said "Our continually growing top-line performance was preliminarily driven by higher net interest income and non-interest income, underscoring both domestic and overseas contributions, while maintaining a prudential safeguard and rigorous risk management conduct."
"The Thai economy overall continued to grow in 9M/23, albeit at a slower pace than expected due to soft external demand. Growth should pick up in 4Q/23, mainly attributable to the favorable expansion of private consumption, a steady tourism recovery, and the low base effect in the fourth quarter of the prior year. The Bank maintains our 2023 loan growth outlook at the target range of 3 - 5%."
As of 30 September 2023, Krungsri, Thailand's fifth largest bank in terms of assets, loans and deposits, and one of Thailand's Domestic Systemically Important Banks (D-SIBs), reported 2.02 trillion baht in loans, 1.77 trillion baht in deposits, and 2.76 trillion baht in total assets. Krungsri's capital (Bank only) was strong at 309.12 billion baht, equivalent to 18.38% of risk-weighted assets, with 13.66% in common equity tier 1 capital.
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