Kiatnakin Phatra Bank Public Company Limited (SET: KKP) has announced its 3Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 3Q24 | 3Q23 |
| Net Profit (Loss)
Million Baht |
1,304.63 | 1,280.51 |
| Earning Per Share
(Baht) |
1.5500 | 1.5100 |
| % Change | 1.88 | |
| 9 Months | 2024 | 2023 |
| Net Profit (Loss)
Million Baht |
3,579.44 | 4,773.66 |
| Earning Per Share (Baht) | 4.2300 | 5.6400 |
| % Change | -25.02 | |
KKP reported a net profit of Baht 1,305 million and Baht 3,579 million in 3Q24, representing an increase of 1.9% compared to the same period last year.
The increase in net profit in the third quarter is primarily due to the reduction in expected credit losses, coupled with an improvement in the capital market conditions. This has led to an increase in non-interest income, particularly in revenue from brokerage business, wealth management business and asset management business.
Non-interest income amounted to Baht 1,668 million, an increase 14.5% YoY. Net fee and
services income increased by 10.9% from improved capital market conditions resulting in higher income from brokerage business including wealth management business. Fee income from the asset management business continued to be strong from expansion in assets under management. Meanwhile, bancassurance fees remained weak reflecting the decline in loan portfolio. Kiatnakin Phatra Securities continued to retain its number one position in terms of market share3 with 3Q24 market share of 20.67%.
Net interest income decreased by 17.5% YoY, driven by higher funding costs from market interest rates. The expected credit losses decreased by 59.4% compared to 3Q23, reflecting the measures taken to enhance the loan quality and also reduced in provisions in line with the overall slowdown in loan volume. The amount of Non-Performing Loans (NPLs) for 3Q24 declined when compared to 2Q24 while the ratio of Non-Performing Loans (NPLs) to total loans ratio increased slightly to 4.1% from 4.0% due to the contraction in total loan portfolio. The total allowance for expected credit losses to total NPLs ratio (coverage ratio) as of the end of 3Q24 stood at 135.9%.
For the nine months of 2024, the bank recorded a consolidated net profit of Baht 3,579 million, a decrease of 25.0% from the same period in 2023. Total operating income decreased by 8.3%, mainly due to a 9.2% decline in net interest income resulting from higher funding costs. Non-interest income decreased by 5.6%, primarily due to a decline in loan-related income in line with the slowdown in new loan volume. Expected credit losses for the nine-month period of 2024 decreased by 34.2% compared to the same period last year, as a result of continuous asset quality management and also the overall slowdown in loan volume.
