Tisco Financial Group Public Company Limited (SET: TISCO) has announced its 3Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 3Q24 | 3Q23 |
| Net Profit (Loss) Million Baht |
1,713.43 | 1,874.49 |
| Earning Per Share (Baht) |
2.1400 | 2.3400 |
| % Change | -8.59 | |
| 9 Months | 2024 | 2023 |
| Net Profit (Loss) Million Baht |
5,199.47 | 5,520.95 |
| Earning Per Share (Baht) | 6.4900 | 6.9000 |
| % Change | -5.82 | |
TISCO reported a net profit of 1,713.43 million baht, decreased by 161.05 million baht or 8.6% from the third quarter of 2023 mainly due to the setup of expected credit loss (ECL).
The reported earnings were also lower than a forecast by LSEG, expecting the bank to book 1,720 million baht.
Comparing to the third quarter of 2023, net interest income totaled 3,385.40 million baht, decreased by 106.46 million baht (3.0% YoY) driven by a rise in interest expense by 253.97 million baht (22.9% YoY) amounting 1,363.72 million baht following higher funding cost aligning with the deposit rate repricing. Total interest income was 4,749.12 million baht, increased by 147.52 million baht (3.2% YoY) following loan expansion and increased lending rates.
Meanwhile, non-interest income totaled 1,402.12 million baht, grew by 12.2% (YoY) contributed by a recovery in core businesses, together with a recognition of gain on financial instruments measured at fair value through profit or loss (FVTPL).
Expected credit loss (ECL) was reported at 358.69 million baht, increased from the third quarter of last year of 81.82 million baht but declined from the previous quarter of 400.7 million baht, and accounted for 0.6% of average loans.
An increase in setup of ECL expense from last year was in accordance with a plan to resume ECL expense to the normalized level, along with to reflect the risks from fragile economic factors and high household debt level, and to support the growth strategy into high-yield businesses.
Non-performing loans (NPLs) stood stable from the last quarter at 2.44%, and loan loss coverage ratio was at 159.1%.
