TISCO Reports 13% Earnings Growth in 3Q22 as Interest Income Accelerates

Tisco Financial Group Public Company Limited (SET: TISCO) has announced its consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 3Q22 3Q21
Net Profit (Loss)
Million Baht
1,771.32 1,560.33
Earning Per Share
2.2100 1.9500
% Change 13.52
9 Months 2022 2021
Net Profit (Loss)
Million Baht
5,415.25 4,990.01
Earning Per Share (Baht) 6.7600 6.2300
% Change 8.52

TISCO reported a net profit of 1,771 million baht in 3Q22, increased 13.52% from a net profit of 1,560 million baht in 3Q21, along with the core business recovery.

Loans resumed growth by 4.8% from the previous quarter, mainly due to SMEs loans and auto title loans, all of which contributed to an improvement in net interest income of 4.2% (YoY). Moreover, fee income from bancassurance business strongly improved by 44.3% (YoY) following the new business expansion aligning to Thai economic recovery.

Consequently, banking fee income increased by 27.7% (YoY). On the other hand, fee income from capital market related businesses remained subdued from the same period of last year. Brokerage fee slowed down by 15.1% (YoY) caused by lower market trading volume, and asset management basic fee decreased by 0.9% (YoY) owing to a decrease in new fund issuances during an unfavorable capital market condition.

Meanwhile, expected credit loss (ECL) remained low at 0.2% of average loans, which has already factored in the portfolio expansion as well as in line with the asset quality that remained effectively-controlled, as seen from a decline in reported NPL ratio to 2.08% of total loans. Additionally, the company reduced the setup of ECL expenses from last year to reflect the current COVID-19 situation that has eased down. Loan loss coverage ratio remained strong at 248.0%.