Kasikornbank Public Company Limited (SET: KBANK) has announced its 1Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;
KBANK reported a net profit of Baht 10,741 million in 1Q23, an increase from the preceding quarter of Baht 7,550 million or 236.63%, and a decrease of Baht 470 million or 4.19% from the same period of 2022.
The figure was relatively in line with analysts estimates in Refinitive for a decline of 3.48% YoY and an increase of 239% QoQ.
For the first quarter of 2023 compared with the fourth quarter of 2022, net interest income was amounting to Baht 34,875 million, a decrease of Baht 1,273 million or 3.52%, mainly due to an increase in interest expenses. Meanwhile, non – interest income was amounting to Baht 11,699 million, a decrease of Baht 1,552 million or 11.72%.
Other operating expenses were amounting to Baht 19,793 million, a decrease of Baht 1,249 million or 5.93% due to seasonality, partly from marketing expenses, while employee expenses increased from cost of living subsidy measures, which were one-time expenses.
For the first quarter of 2023 compared with the first quarter of 2022, net interest income was amounting to Baht 34,875 million, an increase of Baht 3,124 million or 9.84%, mainly due to an increase in interest income, while interest expenses increased. Meanwhile, non-interest income was amounting to Baht 11,699 million, an increase of Baht 2,837 million or 32.00%.
Other operating expenses were amounting to Baht 19,793 million, an increase of Baht 2,403 million or 13.82%, mainly due to an increase in employee expenses from cost of living subsidy measures which were one-time expenses and an increase in customer service expenses according to business volume.
NPL gross to total loans stood at 3.04% and coverage ratio stood at 156.68% that was higher than the end of 2022 that stood at 154.26%.
Expected credit loss in 1Q23 was Baht 12,692 million, lower than 4Q22 by 44%.
KBANK stated that it continues to set aside expected credit loss under prudent approach. Although the expected credit loss was lower than that in the fourth quarter of 2022, it was in higher level when compared with the same period of 2022 to continue to proactively manage asset quality, and to cope with global economic uncertainties and various factors that may affect Thailand’s economic recovery and some groups of customers that will likely remain on an uneven path.
