Bank of Ayudhya Public Company Limited (SET: BAY) has delivered a resilient financial performance for the full year 2025, reporting a net profit of Baht 31,738 million, a 6.9% increase compared to 2024. This growth was achieved despite a challenging economic landscape characterised by weak domestic demand, high household debt, and the indirect repercussions of international trade tariffs.
| Year | 2025 | 2024 |
| Net Profit (Loss) Million Baht |
31,738.44 | 29,699.75 |
| Earning Per Share (Baht) |
4.31 | 4.04 |
| % Change | 6.86 | |
BAY’s total operating income rose by 4.6% year-on-year to Baht 160,320 million. A significant driver was non-interest income, which surged 14.1% to Baht 51,787 million. This was bolstered by a one-time gain of Baht 2,801 million from the remeasurement of its investment in Tidlor Holdings (TIDLOR) following the increase of Krungsri’s equity stake to 46.51%.
Net interest income (NII) grew slightly by 0.6% to Baht 108,533 million. While multiple policy rate cuts impacted interest on loans, the bank’s proactive funding cost management and the consolidation of TIDLOR’s high-yield portfolio helped maintain margins. Consequently, the net interest margin (NIM) expanded to 4.35%, up from 4.28% in 2024.
Total loans outstanding reached Baht 1.93 trillion, a 1.7% increase from the end of 2024. Growth was primarily concentrated in the corporate sector and the newly consolidated TIDLOR portfolio, which offset a 10.4% contraction in the SME segment.
Regarding asset quality, the non-performing loan (NPL) ratio remained stable, finishing the year at 3.26%, compared to 3.23% in 2024. Adhering to a prudent risk management approach, Krungsri recorded an expected credit loss (ECL) of Baht 43,790 million. Although this represented a 4.4% year-on-year decrease, the credit cost was maintained at 227 basis points, effectively raising the loan loss coverage ratio to 126.9%.
Expenses and Capital Operating expenses climbed 10.6% to Baht 75,370 million. This increase was largely attributed to TIDLOR’s consolidation, a voluntary early retirement program, and a one-time goodwill impairment on an overseas subsidiary recorded in the second half of the year. Despite these pressures, Krungsri maintains a robust capital position, with its capital adequacy ratio strengthening to 20.69%.
