Thai Credit Bank Public Company Limited (SET: CREDIT) has announced its 2024 consolidated financial statement through the Stock Exchange of Thailand as follows:
| 2024 | 2023 | |
| Net Profit (Loss) Million Baht |
3,624.03 | 3,556.78 |
| Earning Per Share (Baht) |
2.9500 | 3.0500 |
| % Change | 1.89 | |
CREDIT reported a net profit of THB 3,624.0 million in 2024, a 1.89% increase from a year prior. This is mainly due to a decrease in credit cost ratio, driven primarily by a decline in new non-performing loans (NPLs), supported by improved debt management and asset quality, as well as the increase in interest income, aligned with the strong loan expansion of 13.2 percent.
Thai Credit’s interest income increased 14.1 percent from THB 15,894.6 million in 2024, compared to THB 18,138.0 million at the end of 2023, primarily due to the increase in interest income from loans to customers equivalent to THB 2,134.2 million, as a result of the growth in all Thai Credit’s key loan product segments, particularly micro SME loans, personal loans, and home loans. Additionally, Thai Credit’s net interest income recorded at THB 14,729.2 million, increased by 10.5 percent.
Interest expenses increased by 32.9% to THB 3,408.8 million, attributed mostly to higher expenses on deposits stemming from promotional programs.
Thai Credit set its expected credit loss at 4,248.9 million, for the year ended 31 December 2024, representing an increase by 4.6 percent from the THB 4,062.4 million expected credit loss set for 2023, which was in line with the increase in loans to customers.
Gross NPLs ratio before allowance for expected credit loss slightly increased from 4.2 percent as of 31 December 2023 to 4.4 percent as of 31 December 2024.
