Krungthai grows strongly, Q3/66 profit rises to 10,282 million baht, up 22%.

Krung Thai Bank reveals strong operating results. Net profit for the third quarter of 2023 reached 10,282 million baht, an increase of 22%, and in a period of 9 months, net profit reached 30,505 million baht, an increase of 19% over the same period last year. As a result of the strong expansion of operating income, effective cost management and asset quality management by giving importance to prudent business conduct. Committed to leading the organization with technology and innovation under the concept of “Value Creation”. Towards sustainability”

Mr. Phayong Sriwanich, President Krung Thai Bank revealed that the Thai economy in 2023 is likely to continue to recover. This is a result of the improvement in the tourism sector. During peak season, we also receive incentives from the government’s visa exemption policy. The number of foreign tourists in 2023 is likely to increase by about 2.5 times over the previous year, which will have a positive impact on employment and household income. At the same time, the export sector and private investment were affected by the global economic slowdown. As for public investment from October to December, it may be affected by the delay in the preparation process. Budget Law for 2024

The future direction of the Thai economy continues to face challenges from the global economic slowdown. Including uncertainty caused by geopolitical conflicts affecting investor confidence. Increased volatility in the capital market and pushes energy prices in the global market higher. At the same time, there are challenges in the country caused by high interest rates. Climate change may affect production and income in the agricultural sector and the household sector, which still bears a high debt burden. Therefore, Krung Thai Bank conducts its business with caution. And closely manage asset quality by maintaining a high level of coverage ratio to deal with economic uncertainty and give importance to helping all client groups to be able to adapt to the burden of increasing costs of living. And be able to solve the debt problem sustainably

As for operating results in the third quarter of 2023 compared to the third quarter of 2022, the bank and its subsidiaries achieved a net profit attributable to the bank of 10,282 million baht, an increase of 22 percent, with operating profit increasing by 28.2 percent from operating according to Strategy to create sustainable value Total income from operations witnessed a strong and continuous expansion of 23.1%, both as a result of growth in the loan pool that is in line with the bank’s strategy. Both Retail Loans and Large Commercial Loans: Additionally, government loans grew 5.5% from the end of last year, and in the third quarter alone, they were up 7.7% from the previous quarter. It helps maintain a balance between risk and return, which supports loan portfolios to become stronger. In line with the turbulent economic situation. As a result, total loans increased by 1.4% compared to the end of last year. In addition, there is special interest income from major clients. Including the expansion of non-interest income. The bank continues to attach importance to expanding investment in information technology to support future growth and continuously improve customer service levels. Effective management of overall costs resulted in the cost-to-income ratio reaching 43.0 percent, down from 45.3 percent in the same period last year. Even expenses from other operations expanded compared to the same period last year.

The Bank and its subsidiaries have made provisions for expected credit losses. It rose by 44.0 percent, taking into account the business being managed with caution under unstable economic conditions. It still maintains a high coverage ratio of 180.4 percent while carefully managing asset quality. The ratio of non-performing loans to total loans reached 3.10%, a decrease from the end of 2022 compared to the second quarter of 2023. The net profit attributable to the bank also increased by 1.2%, and total income from operations expanded. Achieved a good ratio of 8.9 percent while managing overall costs efficiently with a cost-to-income ratio of 43.0 percent

While the operational results came within 9 months of 2023 compared to the same period last year. The bank and its subsidiaries achieved net attributable profits of 30,505 million baht, an increase of 19.2 percent from operations in accordance with the strategy. To create sustainable value, total income from operations witnessed a strong and continuous expansion of 21.1% as a result of loan growth in accordance with the bank’s strategy. Both individual loans and large business loans, and the expansion of government loans to maintain the balance of risk and return in line with the unstable economic situation. As a result, credit excluding the government sector expanded by 3.2 percent compared to the same period last year. In addition, the bank enjoys special interest income from major clients. Including the expansion of non-interest income. The bank attaches great importance to expanding investment in information technology to support future growth and continuously improve customer service levels. Effective management of total costs led to the cost-to-income ratio reaching 40.4 percent, compared to 43.1 percent in the same period last year. The Bank and its subsidiaries have made provisions for expected credit losses. It rose by 42.9 percent to maintain a high level of coverage ratio to accommodate economic uncertainty.

As of September 30, 2023, the Bank (bank balance sheet only) had Tier 1 capital of 17.28 percent and total capital of 20.47 percent of risk-weighted assets. It is at a strong level compared to the Bank of England standards and enjoys sufficient liquidity by maintaining the Liquidity Coverage Ratio (LCR) continuously. Above the standards set by the Board of Directors, the bank is committed to leading the organization with technology and innovation under the concept of “Creating Value towards Sustainability” by developing modern financial products and services on digital channels that are accessible to everyone Krungthai NEXT App, Pao Tang and Money Bag meet the needs of every group From customers in every dimension. Driving potential growth Ready to focus on Environment, Social and Governance (ESG) and implement responsible lending policies to solve household debt problems in a sustainable way. Raising the quality of life of Thai people to be better every day. According to the vision of “Krungtai, Together with Thailand towards Sustainability”