Bank of Ayudhya Public Company Limited (SET: BAY) reported a 14.5% year-on-year (YoY) increase in consolidated net profit for the third quarter of 2025, reaching 8,783 million baht, up from 7,672 million baht in the same period last year.
| Quarter | 3Q25 | 3Q24 |
| Net Profit (Loss) Million Baht |
8,782.89 | 7,672.20 |
| Earning Per Share (Baht) |
1.1900 | 1.0400 |
| % Change | 14.48 | |
| 9 Months | 9M25 | 9M24 |
| Net Profit (Loss) Million Baht |
24,611.74 | 23,423.74 |
| Earning Per Share (Baht) | 3.35 | 3.18 |
| % Change | 5.07 | |
The strong result came despite persistent structural headwinds in the Thai economy and continued global market volatility, supported by robust operating income growth and a one-time investment gain.
Total operating income for the quarter rose 12.1% YoY to 42,939 million baht, underpinned by a sharp increase in non-interest income, which surged 35.8% YoY to 15,014 million baht.
This jump was largely driven by a one-time gain of 2,801 million baht from the remeasurement of investment in Ngern Tid Lor Public Company Limited (TIDLOR) following the increase in its equity stake.
Net Interest Income (NII) also increased 2.5% YoY to 27,925 million baht, supported by proactive funding cost management and interest income from the consolidation of TIDLOR’s loan portfolio.
As a result, Krungsri’s Net Interest Margin (NIM) expanded by 23 basis points (bps) YoY, rising from 4.28% in 3Q24 to 4.51% in 3Q25, reflecting improved loan yields and effective cost control.
BAY maintained its prudent risk management approach. Expected Credit Loss (ECL) provisions totaled 11,084 million baht, a marginal 0.8% decrease from 11,171 million baht in 3Q24. The credit cost stood at 228 bps, slightly lower than 233 bps in the same period last year.
However, asset quality showed some deterioration. The Non-Performing Loan (NPL) ratio rose to 3.49% as of September 30, 2025, compared with 3.20% a year earlier. The increase—4.5% higher than end-2024 levels—was primarily attributed to the SME portfolio, with TIDLOR’s consolidation contributing modestly. The loan loss coverage ratio remained steady at 123.1%.
Operating expenses rose 24.0% YoY, largely due to a 2,580 million baht goodwill impairment recognized in one of Krungsri’s overseas subsidiaries.
As a result, the cost-to-income ratio climbed to 49.4% in 3Q25, up from 44.7% in 3Q24, reflecting both higher income and non-recurring expenses during the quarter.
