Bank of Ayudhya Public Company Limited (SET: BAY) has announced its 2024 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Year | 2024 | 2023 |
| Net Profit (Loss) Million Baht |
29,699.75 | 32,929.52 |
| Earning Per Share (Baht) |
4.0400 | 4.4800 |
| % Change | -9.81 | |
BAY reported a net profit of Baht 29,700 million in 2024, representing a decrease of 9.8%, or Baht 3,229 million, from the prior year. This was mainly driven by an increase in interest expenses and expected credit loss for its prudent risk management approach amid the macro-economic challenges.
For 2024, net interest income was recorded at Baht 107,894 million, an increase of Baht 8,504 million, or 8.6%, from 2023. The increase was boosted by higher interest income of Baht 17,287 million mainly attributed to an increase in interest on loans from combination of the acquired overseas ASEAN businesses and higher lending rates.
Meanwhile, interest expenses increased by Baht 8,783 million, or 22.0% from 2023, mainly from interest on deposits, corresponding to higher deposit rates, offset by a decrease in interest on interbank and money market items, resulting from a decrease in outstanding balance.
NIM recorded at 4.28%, increasing by 37 bps from 3.91% in 2023, driven by an increase in the yield on earning assets by 73 bps to 6.21%, while being offset by a 44-bps increase in the cost of funds to 2.23%. The improvement in NIM was driven by the full-year recognition of overseas consumer finance businesses acquired in 2023 and the Bank’s optimized liquidity management, corresponding to subdued loan demand for the year.
Additionally, total non-interest income amounted to Baht 45,385 million, an increase of 14.7%, or Baht 5,827 million, from 2023. Meanwhile, loan growth contracted by 6.0% in 2024, compared to a 3.5% growth in 2023.
The non-performing loan (NPL) ratio was at 3.23%, compared with 2.53% at the end of December 2023. Owing to Krungsri’s continued prudential reserves, the credit cost was recorded at 245 basis points (bps). The loan loss coverage ratio stood at 123.2%, compared with 149.1% at the end of December 2023. The capital adequacy ratio (Bank only) improved to 19.38%, compared with 18.24% at the end of December 2023.
