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Bank profits gain 16pc

BANGKOK: Banks reported a combined net profit of B54 billion during the July-to-September quarter, up from B46.6 billion posted over the same period last year, according to their filings to the Stock Exchange of Thailand (SET).


Bangkok Post

Saturday 29 October 2016, 08:00AM

Eleven SET-listed banks delivered a 16% year-on-year increase in net profit for the three months to September, thanks largely to lower impairment charges.
Eleven SET-listed banks delivered a 16% year-on-year increase in net profit for the three months to September, thanks largely to lower impairment charges.

They set aside a total of B39.1 billion for the third quarter, down significantly from B50.3 billion in the corresponding period a year ago.

Kiatnakin Bank was the best performer among its industry peers in terms of percentage.

The small bank's quarterly consolidated net profit stood at B1.69 billion, up 83% from B923 million year-on-year, with higher income from net interest, fees and services cancelling out higher impairment charges.

The bank's net interest rate income surged 19.5% year-on-year to B2.96 billion in the third quarter, and its net fee and services income rose 7.7% to B888 million. It put aside loan-loss reserves of B1.01 billion in the quarter, up from B941million a year earlier.

Krungthai Bank (KTB), the country's second-largest lender by assets, was the No.2 performer, with a 61% rise in quarterly consolidated net profit to B8.62 billion.

The gain was attributed to a sharp reduction in its impairment cost to B7.64 billion for the quarter from B10.45 billion a year earlier.

KTB's loan-loss coverage ratio stood at 106% at the end of September. In the third quarter last year, KTB was required by the central bank to fully set aside provisions for loans borrowed by debt-ridden Sahaviriya Steel Industries Plc (SSI) and its loss-making subsidiary SSI UK after it defaulted.

The 12.5% rise in net interest income to B21.6 billion for the three months to September helped earnings, though KTB's net non-interest income fell by 17.3% year-on-year to B5.59 billion.

KTB's gross non-performing loans (NPLs) surged by 28.9% year-on-year to B98.4 billion baht in September. Its gross NPL ratio jumped to 4.2% at the end of last month from 3.2% in December. Corporate, small-business and retail loans, as well as the decline in KTB's loans outstanding, contributed to the NPL upsurge.

KTB's total loans dropped by almost 6% to B1.9 trillion at the end of September. For the first nine months, the bank's earnings shot up 14.4% year-on-year to B24.84 billion baht.

On the opposite end, TMB Bank was the worst performer in the third quarter. Its unreviewed consolidated net profit plunged 34% year-on-year to B1.85 billion as larger loan-loss provisions took a bite out of earnings. The bank set aside B2.54 billion in provisions for the period, up from B820 million a year earlier.

Bangkok Bank, Thailand's largest lender by assets, was the only bank among the big four that saw earnings dip. It posted a 11% year-on-year fall in unreviewed consolidated net profit for the period.

Read original story here.



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