TMBThanachart Bank Public Company Limited (SET: TTB) has announced its 3Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 3Q24 | 3Q23 |
| Net Profit (Loss) Million Baht |
5,229.77 | 4,734.89 |
| Earning Per Share (Baht) |
0.0500 | 0.0500 |
| % Change | 10.45 | |
| 9 Months | 2024 | 2023 |
| Net Profit (Loss) Million Baht |
15,919.03 | 13,595.69 |
| Earning Per Share (Baht) | 0.1600 | 0.1400 |
| % Change | 17.09 | |
TTB reported a net profit of THB5,230 million, an increase by 10.5% from the same period last year.
The company recorded THB14,062 million of net interest income (NII) in 3Q24, slightly decreasing by 4.1% compared to previous year (YoY). The decrease was mainly due to a rise in interest expense by 18%.
NIM stood at 3.26% in 3Q24 which was stable from 2Q24 but decreased by 8 bps from 3.34% in 3Q23. NIM maintained at steady level QoQ primarily due to well-managed funding costs. The short-term pressure on deposit costs from pre-funding deposit acquisition in 4Q23 was in good control. However, loan yield declined by 4 bps following corporate loan repayment and rate pricing competition in car loan market, alleviated by loan mix shift toward retail high-yield product initiative. Meanwhile, the YoY decrease was mainly owing to higher funding costs following interest rate cycle while yield on earnings assets improved as a result of the liquidity utilization plan.
Expected credit loss for the quarter was THB4,764 million, an increase of 9.4% YoY, but decline 9.8% QoQ.
As of September 2024, NPLs totaled THB40,224 million, which declined 2% from December 2023, and the NPL ratio was well-contained at 2.73%, remaining within the target guidance.
At the end of September 2024, the Bank still has the remaining tax benefit of THB11.7 billion that can be subsequently recognized within 2028. The recognition will not be on a straight-line basis but will be subject to the estimation of future net profit stream.
This compared to the remaining tax benefit of THB12.7 billion at the end of the second quarter of this year.
