KTB Reports 10% Profit Growth in 1Q24 from Higher Interest Income

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

Quarter 1Q24 1Q23
Net Profit (Loss)
Million Baht
11,078.45 10,066.60
Earning Per Share
0.7900 0.7200
% Change 10.05

KTB reported a net profit of Baht 11,078 million, an increase of 10.05% YoY.  

Total operating income uplifted by 15.4% YoY from loan growth from portfolio optimization with a justified risk adjusted return in addition to an increase in net fee and service income and other non-interest income.  

For 1Q2024 compared to 1Q2023, consolidated net fee and service income was Baht 5,577million, rose by 8.5 % YoY, mainly owing to a continuing expansion of bancassurance fee and fee related to credit card services. Compared to 4Q2023, consolidated net fee and service income increased by 2.6% QoQ mainly owing to a continuing expansion of bancassurance fee.

Loans to customers registered at Baht 2,618,151 million with a loan growth at 1.6% from end of 2024, mainly due to government and state enterprise segments along with portfolio optimization for a justified risk adjusted return.

Cost to income ratio registered at 43.6%. Operating expenses increased YoY, mainly owing to a prudent management for properties for sale with appropriate level of impairment losses provided in accordance to its asset potential in 1Q2024 and an increase in IT cost relating to our priority in IT and digital investment for products and services to enhance customers’ experience for all group of customers and to prepare build capability readiness as a preparation for future industry growth together with technology and innovation advancement. 

KTB set aside an appropriate level of expected credit loss of Baht 8,029 million, slightly reduced YoY by about 1% with a high coverage ratio of 181.8% compared to 181.3% as at December 31, 2023 together with continuing prudent and flexible asset quality management with NPLs Ratio of 3.14%.