Tisco Financial Group Public Company Limited (SET: TISCO) has announced its 2024 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Year | 2024 | 2023 |
| Net Profit (Loss) Million Baht |
6,901.28 | 7,301.11 |
| Earning Per Share (Baht) |
8.6200 | 9.1200 |
| % Change | -5.48 | |
TISCO reported a 5.48% decline in its profit for 2024 at 6,901.28 million baht, compared to a net profit of 7,301 million baht in 2023. The decrease was mainly due to an increase in expected credit loss (ECL) to 0.6% of average loans which went according to a plan to step up ECL expense before resuming to the normalized level, as well as to cushion against the risks from fragile economic conditions.
In 2024, net interest income totaled 13,569.86 million baht, remaining stable (YoY). Interest income totaled 19,013.59 million baht, increased by 1,232.42 million baht (6.9% YoY) following high-yield loan expansion. Interest expense totaled 5,443.73 million baht, increased by 1,235.34 million baht (29.4% YoY) aligning with deposit rate repricing amid interest rate upcycle.
Nevertheless, in the fourth quarter of 2024, the Bank of Thailand lowered the policy rate by 0.25% to 2.25%, signaling the start of interest rate downcycle, which could lead to a potential decline in the Company’s cost of funds in the future.
Non-interest income totaled 5,656.57 million baht, improved by 8.4% (YoY) mainly contributed by a recognition of gain on financial instruments measured at fair value through profit or loss (FVTPL) amounting 314.35 million baht compared to a loss of 29.16 million baht in 2023.
Expected credit loss (ECL) of the year 2024 was reported at 1,375.51 million baht, increased from 359.48 million baht in 2023, and accounted for 0.6% of average loans. An increase in setup of ECL expense from last year was conducted according to a plan to step up ECL expense before resuming the normalized level in 2025, together with to reflect the risks from fragile economic factors and high household debt level, and to support the growth strategy into high-yield businesses.
Meanwhile, non-performing loans (NPLs) increased from last year to 2.35% impacted by a slow economic recovery, and loan loss coverage ratio was at 155.3%.
