TCAP delivers profitable performance in nine months 2022 of 4,134 million baht, up 17.51% supported by operating results from associate companies and subsidiaries
Thanachart Capital Public Company Limited (TCAP) released the operating results for the nine months of 2022. The net profit based on the consolidated financial statements amounted to 5,142 million baht. In this connection, net profit attributable to the Company amounted to 4,134 million baht, representing an increase of 17.51 percent when compared to the same period last year, thanks to continuously growing operating results from associated companies and subsidiaries.
Mr. Somjate Moosirilert, Chief Executive Officer of Thanachart Capital Public Company Limited (TCAP), said, “Based on the consolidated financial statements of the Company and its subsidiaries for the nine months of 2022, net profit amounted to 5,142 million baht, of which 4,134 million baht was net profit attributable to the Company, representing an increase of 17.51 percent when compared to the same period last year. This was mainly due to the continuously growing operating results from the associated companies and the subsidiaries, in which the Company held shares.”
“The performance of the associated companies, particularly TMBThanachart Bank (ttb), in which TCAP held shares was stronger. This was mainly due to continuous economic recovery. As regards its subsidiaries, profit of Ratchthani Leasing (THANI) increased by 11.55 percent compared to the nine months last year. This was attributable to healthy growth of hire purchase loans for trucks, effective cost control management, and efficient asset quality control. In relation to Thanachart Insurance (TNI), the premiums received in the nine months increased by 24.92 percent, which was in line with the established target. As for Thanachart Plus (T-Plus), it registered continuous growth with outstanding loans of above 4,000 million baht and no non-performing loans. This was due to cautious and effective risk management. On the other hand, Thanachart Securities (TNS) registered healthy growth of non-brokerage income, offsetting the falling brokerage income due to unfavorable market conditions.”
“In addition, on 27 October 2022, TCAP made additional investments in TNI and TNS. As a result, TCAP’s equity stake in the two subsidiaries increased to 89.96 percent from 50.96 percent. This was mainly because TCAP considered that both subsidiaries were its key subsidiaries and they continuously delivered strong performance with their Return on Equity (ROE) being high. TCAP is confident that the additional investments will generate good results for TCAP’s shareholders in the future”