TISCO Reports Slight Profit Growth in 3Q23 as Loan Loss Coverage Drops to 205%

Tisco Financial Group Public Company Limited (SET: TISCO) has announced its 3Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 3Q23 3Q22
Net Profit (Loss)
Million Baht
1,874.49 1,773.43
Earning Per Share
2.3400 0.2100
% Change 5.70
9 Months 2023 2022
Net Profit (Loss)
Million Baht
5,520.95 5,417.35
Earning Per Share (Baht) 6.9000 6.7700
% Change 1.91

TISCO reported a net profit of 1,874 million baht in 3Q23, increased 5.70% from a net profit of 1,773 million baht in 3Q22 as interest income and loan portfolio expanded.

Total operating revenue increased by 7.6% (YoY) mainly driven by an improvement in net interest income by 10.4% (YoY) following the loan expansion of 8.7% (YoY), whereas cost of fund rose from 1.08% to 2.00% (YoY) corresponding with rising market interest rate. Non-interest income from core businesses weakened by 4.7% (YoY) caused by a slower-than-expected recovery in bancassurance business following lower new business volume on the back of uneven economic recovery.

Moreover, the brokerage business slowed down following a significant decline in market trading volume amid volatile capital market. Meanwhile, asset management basic fee income increased along with a growth in assets under management. Operating expenses increased by 8.6% (YoY) mainly related to the company’s long-term business expansion plan.


In the third quarter of 2023, the company reported NPLs amounting 5,213.31 million baht, increased by 2.9% (QoQ), and accounted for NPL ratio of 2.25% of total loans, increased from 2.20% (QoQ). The rising NPLs were mostly caused by the growth strategy into high yield businesses, together with the pressure from high household debt level and rising cost of living. These risks were in accordance with the company’s forecast, and the company has maintained a sufficient level of loan loss reserves against credit risks from the business growth strategy and macroeconomic factors.

Total allowance for expected credit loss of the company reported at 10,728.39 million baht, and loan loss coverage ratio stood at 205.8% from 224% in 2Q23.