Maybank Securities (Thailand) Public Company Limited (SET: MST)’s net profit for the three-month period ended March 31, 2022 was Baht 281.60 million, increased 1.76 % or Baht 4.87 million from net profit of Baht 276.73 million for the same period of last year.
Mr. Arapat Sangkharat, Chief Executive Officer, Maybank Securities (Thailand) Plc. Or MST, said that Maybank Securities (Thailand) Public Company Limited (“the Company”)’s net profit for the three-month period ended March 31, 2022 was Baht 281.60 million, increased 1.76% or Baht 4.87 million from net profit of Baht 276.73 million for the same period of last year. The Company would like to clarify that the main variances comparing to last year were: Brokerage fees income decreased by 17.28% or Baht 118.63 million, from Baht 686.32 million to Baht 567.69 million. The reasons were as follows: Brokerage fees income from Securities Business decreased by 18.53% or Baht 119.76 million, from Baht 646.25 million to Baht 526.49 million as a result from the average daily trading value slightly decreased by 0.73% from Baht 96,950.96 million per day to Baht 96,239.56 million per day coupled with the proportion of retail brokerage fee which is the main contribution to the Company revenue decreased from 47.33% to 41.52%. As a result, average trading value decreased by 12.91% from Baht 45,882.65 million per day to Baht 39,960.39 million per day. Brokerage fees from Derivatives Business increased by 2.82% or Baht 1.13 million, from Baht 40.07 million to Baht 41.20 million.
Fee and service income decreased by 6.81% or Baht 2.85 million, from Baht 41.89 million to Baht 39.04 million derived from decrease in financial advisory fee of Baht 9.54 million and decrease in other service fees income of Baht 5.89 million while underwriting fee increased by Baht 5.90 million and selling agent fee income increased by Baht 6.68 million. Other income increased by 50.97% or Baht 112.16 million, from Baht 220.07 million to Baht 332.23 million. It was derived from increase in income from interest on margin loans by Baht 37.35 million, increase in gain on investments and derivatives by Baht 46.82 million and increase in other income by Baht 27.99 million.
Total expenses decreased by 2.50% or Baht 15.03 million, from Baht 601.96 million to Baht 586.93 million. It was derived from decrease in employee benefit expenses by Baht 19.96 million, decrease in fee and service expenses by Baht 12.55 million and decrease in expected credit losses by Baht 0.83 million against with increase in interest expense by Baht 11.88 million and increase in other expenses by Baht 6.43 million. Corporate income tax increased by 1.22% or Baht 0.85 million, from Baht 69.59 million to Baht 70.44 million due to increase in profit before income tax. Due to the above reasons, the operating result of the Company for the three-month period ended March 31, 2022 increased from the same period of last year by 1.76%.
“Maybank Securities (Thailand) performed remarkably well in the first quarter despite global uncertainties and market headwinds. Our resiliency is a reflection of strong client base, outstanding sales teams, and effective cost management. Aside from financials, we continue to gain momentum in diversifying and expanding our businesses. Our commitment to demoncratise investing is coming to fruition with the launch of Maybank Invest app in Q3. Making investing easily understood and accessible to all is our mandate,” added Mr. Arapat.
