Bank of Ayudhya Public Company Limited (SET: BAY) has announced its 2021 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Yearly | 2021 | 2020 |
| Net Profit (Loss) Million Baht |
33,794.19 | 23,039.79 |
| Earning Per Share (Baht) | 4.59 | 3.13 |
| % Change | 46.68 | |
BAY reported a net profit of 33,794 million baht in 2021, increased 46.68% compared to a net profit of 23,039 million baht in 2020. The increase in net profit for the year was mainly driven by the gain on investments from the sales of shares in Ngern Tid Lor Public Company Limited (SET: TIDLOR) in 2Q21.
Excluding the one-time gain from the TIDLOR transaction, a normalized net profit of 25,609 million baht was registered in 2021, representing an increase of 11.1%, or 2,569 million baht from 2020.
Interest income in 2021 was recorded at 99,804 million baht, decreasing by 8,258 million baht, or 7.6% from 2020. Meanwhile, interest expenses were recorded at 21,824 million baht, decreasing by 4,934 million baht, or 18.4% from 2020.
Total outstanding loans stood at 1,890,376 million baht, increasing by 3.1% from December 2020. Corporate and SME loans grew by 6.6% and 3.9%, respectively. The growth in commercial lending portfolios underpinning the gradual economic recovery and resumption of working and investment expenditure demand, corresponding to the recovery in domestic and global demand, together with the liquidity support extended to SME customers. Meanwhile, retail loans increased by 0.4%, largely driven by the improved consumer confidence and spending following the gradual relaxation of COVID-19 restrictions and the country’s reopening in the fourth quarter.
The non-performing loan (NPL) ratio registered 2.20% at the end of December 2021, compared to 2.00% at the end of December 2020. As of December 31, 2021, total loan loss reserves reached 87,411 million baht resulting in a new high coverage ratio level at 184.2%, improving from 175.1% at the end of December 2020.
For 2021, on the backdrop of fragile economic recovery, the expected credit loss was prudently recorded at 31,604 million baht, equivalent to a credit cost of 167 basis points, representing a decrease of 5,054 million baht, or 13.8%, from the elevated conservative buffer reserved in corresponding to a sharp economic contraction due to the coronavirus pandemic in 2020.
