BAY Records 9% Decrease in 2022 Earnings over Lower Operating Profit

Bank of Ayudhya Public Company Limited (SET: BAY) has announced its annual financial statement of 2022 through the Stock Exchange of Thailand as follows;

Year 2022 2021
Net Profit (Loss)
Million Baht
30,712.99 33,794.19
Earning Per Share
4.1800 4.5900
% Change -9.12

BAY reported a net profit at Baht 30,712 million in 2022, decreased 9.12% from a net profit of Baht 33,794 million in 2021, driven by lower operating profit, while being offset by a decrease in expected credit loss. 

On a normalized basis, the operating profit for 2022 was Baht 65,381 million, representing an increase of Baht 1,660 million or 2.6% from 2021. The increase was largely attributed to solid net interest income, corresponding to loan expansion and interest rate increases in 4Q/22. The increase was offset by lower non-interest income together with higher operating expenses. 

For 2022, interest income was recorded at Baht 105,428 million, an increase of Baht 5,624 million, or 5.6%, compared to 2021. Meanwhile, non-interest income in 2022 was Baht  32,638 million, a decrease of Baht 1,561 million, or 4.6%, from 2021. 

In 2022, the expected credit loss was recorded at Baht 26,652 million, equivalent to a credit cost of 136 basis points, compared to the level of 167 basis points in 2021, representing a decrease of Baht 4,952 million, or 15.7%, underpinning the progress of expected credit loss normalization as COVID-19 measures and impacts were unwinding.