Tisco Financial Group Public Company Limited (SET: TISCO) has announced its 1Q25 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Quarter | 1Q25 | 1Q24 |
| Net Profit (Loss) Million Baht |
1,643.38 | 1,733.02 |
| Earning Per Share (Baht) |
2.0500 | 2.1600 |
| % Change | -5.17 | |
TISCO reported a net profit of 1,643.38 million baht in the first quarter of 2025, declined by 89.64 million baht or 5.2% compared to the first quarter of 2024. The company stated that the decline was due to a slowdown in net interest income by 2.0% (YoY) following the policy rate cut by the Bank of Thailand in February 2025, as well as the interest reduction for vulnerable borrowers in the “You Fight, We Help” program.
In the first quarter of 2025, net interest income totaled 3,328.45 million baht, decreased by 67.01 million baht (2.0% YoY). Interest income totaled 4,589.07 million baht, decreased by 184.70 million baht (3.9% YoY) following a decline in floating lending rates aligning with the policy rate cut by the Bank of Thailand, together with the interest reduction for the vulnerable borrowers through “You Fight, We Help” program. Interest expense totaled 1,260.62 million baht, decreased by 117.69 million baht (8.5% YoY) reflecting the declining deposit cost amid interest rate downcycle.
Meanwhile, non-interest income increased by 3.4% (YoY) owing to a growth in asset management fee by 10.3% (YoY), an increase in brokerage fee by 3.3% (YoY) led by improved market share of TISCO Securities, and higher gain on financial instruments measured at fair value through profit or loss (FVTPL). On the other hand, banking business was affected by weak domestic auto market which caused subdued bancassurance fee. Operating expenses declined by 0.9% (YoY) owing to effective cost control.
Total loans and receivables as of March 31, 2025 totaled 231,190.32 million baht, decreased by 0.4% (QoQ) following a contraction in retail loans and commercial loans.
Retail Lending portfolio totaled 156,350.28 million baht, declined by 0.7% (QoQ). The total retail portfolio as of March 31, 2025 consisted of 63.4% car and motorcycle hire purchase loans, 27.4% loans against auto licenses, 4.4% housing loans and 4.7% other retail loans.
Corporate Lending portfolio totaled 62,143.33 million baht, grew by 1.3% (QoQ) from utilities and services sector. Meanwhile, Commercial Lending portfolio totaled 12,696.71 million baht, declined by 5.4% (QoQ) from loan repayment in car inventory financing amid weak domestic car sales.
Expected credit loss (ECL) was reported at 385.73 million baht, increased from the first and fourth quarter of 2024, and accounted for 0.7% of average loans. During the past years, the Company continued the growth strategy with cautiousness, together with increased efficiency in loan collection, as a result asset quality remained well controlled.
Non-performing loans (NPLs) were as projected at 2.42%. Therefore, ECL expense at this level was sufficient to cushion against any potential risks and in relation to the Company’s prudent risk management policy. Moreover, loan loss coverage ratio was maintained at 153.8%.
