Thailand’s Krungsri net profit up 7.2% in 2023

Contributions from overseas businesses drove up loan growth and fee income.

Contributions from overseas businesses drove up loan growth and fee income.

Thailand’s Krungsri (Bank of Ayudhya) saw its net profit grow 7.2% to THB32.93b in 2023, thanks to an increase in net interest income and fees from its overseas consumer finance businesses.

Loan growth was 3.5% for 2023, driven by a growth in domestic commercial loans as well as retail loan expansions. Retail loans from overseas subsidiaries notably contributed as well, with small and medium enterprises (SME) loans growing by a robust 11.3%.

Excluding the newly acquired overseas business volume, organic loan growth marked an increase of THB16.61b or 0.9%.

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Deposits are up 1.9% to THB34.9b, primarily from an increase in time deposits, offset by a decline in savings deposits.

The net interest margin (NIM) rose to 3.91% from 3.45%, propelled by an improvement in the yield on earning assets, and partly driven by contributions from overseas businesses.

Non-interest income also rose 21.2%, or THB6.92t, due to net fees and service income which registered notable contributions from overseas subsidiaries, other operating income, and bad debt recoveries.

Bank of Ayudha

Krungsri

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