BBL Reports 4% Growth in 1Q24 Earnings to THB10.5 Billion as NPL Rises to 3%

Bangkok Bank Public Company Limited (SET: BBL) has announced its 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q24 1Q23
Net Profit (Loss)
Million Baht
10,523.65 10,129.29
Earning Per Share
5.5100 5.3100
% Change 3.89

BBL reported a net profit of Baht 10,524 million in the first quarter of 2024, an increase of 3.9 percent. This was primarily due to an increase in net interest income from a rise in yield on earning assets in line with the interest rates trend, offset by the increase in cost of deposits from the rise in deposit interest rates. 

Net interest income in the first quarter of 2024 amounted to Baht 33,422 million, increased by 11.1 percent from the rise in yields on earning assets following the interest rates trend. This was offset by an increase in the cost of deposits from rising deposit interest rates. The net interest margin stood at 3.06 percent.

Non-interest income decreased from a decline in gains on financial instruments measured at Fair Value Through Profit or Loss (FVTPL) in accordance with the market environment. Meanwhile, operating expenses increased from higher marketing expenses and expenses for operational efficiency improvements. The Bank set aside expected credit losses at a similar level to the first quarter of the previous year. 

The Bank set aside expected credit losses of Baht 8,582 million in the first quarter of 2024, up 1.3% YoY and 16.9% QoQ. 

Non-performing loans (Gross NPL) at the end of March 2024 were Baht 93,949 million, while the gross NPL to total loans ratio stood at 3.0 percent, up from 2.6 percent at the end of 2023, but flat compared to March 2023. The allowance for expected credit losses was Baht 274,071 million. The allowance for expected credit losses to NPL ratio was 291.7 percent.