KASIKORNBANK announces 2019 net profit of Baht 38,727 Million

Stocks and Financial Services Press Releases Tuesday January 21, 2020 09:54
Bangkok--21 Jan--KASIKORNBANK

Ms. Kattiya Indaravijaya, President of KASIKORNBANK, said Thai economic activity in 2019 showed no clear recovery. Thai exports contracted further due to a stronger Baht and a global economic slowdown, although the US and China reached an agreement and signed the first phase of a trade deal in January 2020. In addition, the investment environment of the public and private sector remained weak whereas private consumption, albeit growing steadily, decelerated during the second half of the year. Still, the government's stimulus measures somewhat helped sustain domestic demand at year - end.

Operating performance for the year of 2019, KBank and its subsidiaries reported net profit of Baht 38,727 Million, while reported net profit of Baht 38,459 Million, for the year of 2018, an increase of Baht 268 Million or 0.70% over the previous year. Net interest income increased by Baht 4,150 Million or 4.21% mainly due to interest income from loans to customers and investments. NIM stood at 3.31%. Non - interest income increased by Baht 858 Million or 1.51% mainly due to revenue from sales of securities, while net premiums earned - net decreased along with fees waive for money transfers through digital channels. Moreover, other operating expenses increased by Baht 4,381 Million or 6.41% mainly due to branding campaigns and marketing activities in line with business direction of KBank, resulting in the cost to income ratio that stood at 45.32%. KBank has set aside higher allowance for impairment loss on loans from the preceding year, with prudent consideration on factors in line with uncertainties from continued economic slowdown.

Operating performance for the fourth quarter of 2019 compared with the third quarter of 2019, KBank and its subsidiaries reported net profit of Baht 8,802 Million, a decrease from the preceding quarter of Baht 1,149 Million or 11.55% due to a decrease in net interest income by Baht 526 Million or 2.02%. NIM stood at 3.25%, while non - interest income increased by Baht 385 Million or 2.44% due mostly to revenue from sales of securities, while net premiums earned - net decreased. However, other operating expenses increased by Baht 3,374 Million or 18.95% due to seasonality, as well as branding campaigns and marketing activities in line with business direction of KBank, resulting in the cost to income ratio that stood at 50.75%. In addition, KBank has set aside lower allowance for impairment loss on loans from the preceding quarter.

As of 31 December 2019, KBank and its subsidiaries' total assets were Baht 3,293,889 Million, an increase of Baht 138,798 Million or 4.40% over the end of 2018. The majority came from an increase in investments – net and loans. NPL gross to total loans as of 31 December 2019 stood at 3.65%, while at the end of 2018 this stood at 3.34%. Coverage ratio as of 31 December 2019 stood at 148.60%, while at the end of 2018 this stood at 160.60%. In addition, as of 31 December 2019, KASIKORNBANK FINANCIAL CONGLOMERATE's Capital Adequacy Ratio (CAR) according to the Basel III Accord was 19.62%, with a Tier-1 Capital ratio of 16.19%.


Latest Press Release

Bangkok Bank approved that the dividend payment be paid at the rate of Baht 7.00 per ordinary share

Bangkok Bank approved that the dividend payment for the operating results of the year 2019 be paid at the rate of Baht 7.00 per ordinary share and resolved to convene the 27 th annual ordinary meeting of shareholders on April 10, 2020. Bangkok Bank...

Photo Release: EXIM Thailand and JETRO Bangkok Meet to Discuss Support for Thai-Japanese Trade and Investment

Mr. Pisit Serewiwattana (second right), President of Export-Import Bank of Thailand (EXIM Thailand), and EXIM Thailand’s top executives recently welcomed Mr. Atsushi Taketani (second left), President and Chief Representative for ASEAN of the Japan...

PLMP Fintech#s Venture Capital entity secures Fund Management licence to bring blockchain to over 10,000 SMEs in 10 years

The local investment arm of Singaporean blockchain firm PLMP Fintech, PLMP Venture Capital, has been awarded today an Asset and Fund Management licence by the Securities and Exchange Commission of Cambodia (SECC). The move is part of the company's...

Fee Free Trading on Biteeu, a Charity Oriented Cryptocurrency Exchange

Biteeu digital currency exchange launches in Australia this week with an unprecedented "good causes" campaign to rescue Australian forests and animals, affected by disasastrous fires that broke out in the country in 2019. Therefore Biteeu will be...

Photo Release: EXIM Thailand Holds Trade Management Excellence Program for Start-up Thai Exporters

Mr. Pisit Serewiwattana (front row, center), President of Export-Import Bank of Thailand (EXIM Thailand), recently presided over the "Trade Management Excellence for NEO Exporters Batch 2" seminar hosted by EXIM Excellence Academy (EXAC) to provide...

Related Topics