BAY Reports 3Q22 Net Profit of THB8,070 Million, Up 27% YoY

Bank of Ayudhya Public Company Limited (SET: BAY) announced its 2Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 3Q22 3Q21
Net Profit (Loss)
Million Baht
8,069.60 6,361.56
Earning Per Share
1.10 0.86
% Change 26.85
9 Months 2022 2021
Net Profit (Loss)
Million Baht
23,321.63 27,409.22
Earning Per Share (Baht) 3.17 3.73
% Change -14.91

In 3Q22, BAY recorded a net profit of THB8,070 million, an increase of 3.0% QoQ and 26.8% YoY. The improvement was supported by higher operating profit and normalizing expected credit loss. 

The operating profit in 3Q22 was THB16,498 million, up 1.2% QoQ and 2.5% YoY, driven by an increase in net interest income, corresponding to loan growth together with an increase in non-interest income corresponding to the improvement in overall business activities, while being offset by an increase in operating expenses. 

The normalized expected credit loss in 3Q22 amounted to THB6,347 million, equivalent to a credit cost of 127 basis points, compared to a credit cost of 137 basis points in 2Q22.

The normalized net profit for the nine-month period ended September 30, 2022 was THB23,322 million, increasing by 21.3%, or THB4,098 million from 9M21, mainly supported by an improvement in operating profit together with a considerable reduction in expected credit losses.

In 9M22, the normalized expected credit loss was recorded at THB19,697 million, equivalent to a credit cost of 132 basis points, compared to the level of 168 basis points set aside in 9M21, representing a decrease of THB3,779 million, or 16.1%, underpinned by improvements in the operating environment and credit quality outlook.