KBANK Records 25% Profit Growth in 1Q24 from Higher Interest Margin

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

Year 1Q24 1Q23
Net Profit (Loss)
Million Baht
13,485.72 10,741.06
Earning Per Share
5.5300 4.3800
% Change 25.55

KBANK reported a net profit of Baht 13,486 million, an increase of Baht 2,745 million or 25.55% from the same period of 2023.

Net interest income was Baht 38,528 million which net interest margin ratio stood at 3.76% according to market conditions. In addition, net fees and service income was Baht 8,299 million mainly from an increase in fees from fund management, fees from acceptance, aval and guarantee and fees from card business.

Total net operating income was Baht 50,152 million, increased 7.68% from the same period last year. Operating expenses was Baht 20,713 million, increased 4.65% from the same quarter last year, mainly due to an increase in various operating expenses in line with an increase in revenue. As a result, cost to income ratio stood at 41.30%, decreased from the same quarter last year, which was at 42.50%.

KBANK set aside expected credit loss (ECL) in this quarter of Baht 11,684 million in alignment with the consistently prudent approach that ECL was at a suitable level, reflecting the current situation and supporting uncertainties of various factors that may affect the domestic economic recovery.

NPL gross to total loans was 3.19% and coverage ratio was 150.35%.