TMBThanachart Bank Public Company Limited (SET: TTB) has announced its 2023 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 2023 | 2022 |
| Net Profit (Loss) Million Baht |
18,462.18 | 14,195.19 |
| Earning Per Share (Baht) |
0.1900 | 0.1500 |
| % Change | 30.06 | |
TTB reported a net profit of THB18,462 million, an increase of 30% YoY supported by core operating income and well-managed asset quality. The bank stated that it has strengthened balance sheet position and improved operating performance throughout 2023 backed by 3 key strategic moves: efficiently managing asset-liability and liquidity utilization by redeploying low yield assets to higher yield for better returns, maintaining stringent cost discipline and controlling asset quality with prudent risk management.
Meanwhile, net profit in 4Q23 was THB4,866 million which increased by 2.8% QoQ and 26.5% from the same period last year. For the 12-month of 2023, net interest income increased by 10.8% YoY to THB57,207 million.
TTB recorded THB14,948 million of net interest income (NII) in 4Q23, increasing by 1.9% compared to previous quarter (QoQ) and 8.1% compared to previous year (YoY).
NIM was at 3.39% in 4Q23 which increased by 5 bps from 3.34% in 3Q23 and by 29 bps from 3.10% in 4Q22 mainly from higher yield on earning assets against pressures from higher cost of funds following interest rate rise in the market.
For 12M23, NIM also rose by 29 bps to 3.24% from 2.95% in 12M22. Positive momentum of NIM improvement throughout 2023 was backed by continuous efforts on asset-liability management under such interest rate rising environment leading to improving earning asset yield while funding costs were well-managed thanks to the Bank’s pre-fund strategy ahead of interest rate hike cycle, alleviating pressures from deposit rate competition and FIDF resumption in 2023.
In terms of total loan to customers on consolidated basis (excluded allowance for ECL), the figure amounted to THB1,328 billion, declined by 2.5% compared to previous quarter and 3.5% YTD.
TTB stated that it continued to strengthen risk absorption ability and with financial capability, the Bank could uplift LLR further by setting aside a special expected credit loss (ECL) in 4Q23 amounting THB4,886 million against future uncertainties. Thus, the total ECL in 4Q23 amounting THB9,326 million. As a result, coverage ratio rose solidly to 155% as of December 2023.
For the 12-month of 2023, normal ECL level was at THB17,313 million which declined by 5.7% YoY and was equivalent to credit cost of 128 bps, ended within the target. When included the extra provision, the ECL amounted to THB22,199 million.
As of December 2023, NPL totaled to THB41,006 million which decreased from Dec 22 and NPL ratio stood at 2.62%, well-contained within the target guidance.
