Tisco Securities Public Company Limited (SET: TISCO) has announced its 2024 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 2023 | 2022 |
| Net Profit (Loss) Million Baht |
7,302.62 | 7,224.08 |
| Earning Per Share (Baht) |
9.1200 | 9.0200 |
| % Change | 1.09 | |
TISCO recorded 7,302 million baht of net profit in 2023, increased slightly by 1.09% from 2022, mainly driven by a growth in net interest income by 8.6% (YoY) aligning with loan expansion of 7.2% (YoY).
This was despite a rise in cost of funds by 93.9% (YoY) following interest rate upcycle, along with the resumption of Financial Institutions Development Fund (FIDF) cost to normal rate of 0.46% per year. Meanwhile, non-interest income weakened by 6.4% (YoY) due to a slowdown in capital market businesses. Brokerage fee income declined by 16.5% (YoY) from the highly volatile capital market, which also led to a loss on financial instruments measured at fair value through profit or loss (FVTPL).
Furthermore, banking fee income showed a slower-than-expected recovery, especially in bancassurance business that slowed down in relation to lower new business volume. On the positive side, asset management business expanded well at 5.4% (YoY) consisting of an increase in basic fee income in line with AUMs growth, as well as the recognition of asset management performance fee.
Meanwhile, operating expenses increased by 8.7% (YoY) owing to a long-term investment plan for business expansion, whereas expected credit loss (ECL) decreased (YoY) and remained low at 0.3% of average loans.
The net profit of theTISCO for the fourth quarter of 2023 was reported at 1,781.66 million baht, decreased by 25.07 million baht or 1.4% from the fourth quarter of 2022, mainly due to weakened noninterest income by 17.0% (YoY).
The net profit of the Company for the fourth quarter of 2023 was reported at 1,781.66 million baht, decreased by 25.07 million baht or 1.4% from the fourth quarter of 2022, mainly due to weakened noninterest income by 17.0% (YoY).
Total allowance for expected credit loss of the Company reported at 9,914.09 million baht, and loan loss coverage ratio stood at 189.8%.
