Bangkok Bank logs net profit of $1.05b for 9M 2024

Net income interest and non-interest income both rose during the period.

Bangkok Bank has reported a net profit of THB34.81b (approximately $1.048b) for the first nine months of 2024, 6.2% higher than the same period in 2023, according to its latest financial report.

Net income interest rose by 4.4%, which Bangkok Bank attributed to its liquidity management and yields on earning assets. However, these were offset by the cost of deposits on the back of a high-interest rate environment.

Net interest margin was 3.05%.

Non-interest income rose as well, which the bank said was thanks to its investment income, fee income from bancassurance, and mutual fund services growth.

Cost-to-income ratio remained at a similar level as in 2023, at 46.3%, although operating expenses rose.

Expected credit losses for the period are $819.03m (THB27.204b), a similar level as in 2023.

As of end-September 2024, total loans were almost $79.45b (THB2.64t), 1.2% lower than end-2023. The non-performing loan to total loans ratio was 3.4%.

Total deposits held as of end-September was $93.6m (THB3.11b), 2.3% lower than in end-2023. Loan to deposit ratio is 84.8%.

(US$1 = THB 33.23; as of 21 October 2024, 12:40PM)