KBANK Reports 18% Annual Profit Growth, but 4Q Earnings Miss Expectations

Kasikornbank Public Company Limited (SET: KBANK) has announced its 2023 consolidated financial statement through the Stock Exchange of Thailand as follows;


KBANK reported a net profit for 2023 of Baht 42,405 million, an increase of 18.55% from previous year due to the low base coupled with the economy that has begun to gradually recover in some areas.

Quarter 2023 2022
Net Profit (Loss)
Million Baht
42,405.04 35,769.49
Earning Per Share
17.5800 14.7800
% Change 18.55

KBANK reported net profit for the fourth quarter of 2023 amounting to Baht 9,388 million, a decrease from the preceding quarter of Baht 1,894 million or 16.79%, and an increase of Baht 6,635 million or 18.55% from 2022.

Despite growing net profit from last year, KBANK’s net profit was lower than LSEG’s consensus by 10.35%, which expected the bank to record Baht 10,472 million.

For the year of 2023 compared with the year of 2022, net interest income was amounting to Baht 148,444 million, an increase of Baht 15,446 million or 11.61%, mainly due to an increase in interest income, while interest expenses increased.

For the fourth quarter, net interest income grew 2.18% YoY to Baht 38,849 million.

Expected credit loss for 2023 was Baht 51,840 million, which was setting aside at a high level, almost on par with that of last year. Expected credit loss was set aside with a continuous prudent approach to bolster the Bank’s strength and cope with uncertainties from global economic situations that may occur, enhance the customers’ business operation capabilities and increase flexibility in asset quality management. As of 31 December 2023, coverage ratio stood at 152.23%.

Non-performing loans as of  the end of December 2023 was at 3.19%, increased from 3.11% in September 2023 and 3.19% in December 2022.