Tisco Financial Group Public Company Limited (SET: TISCO) has announced its consolidated 2021 financial statement through the Stock Exchange of Thailand as follows;
TISCO’s net profit for the year 2021 was reported at THB6,781.47 million, increased by 717.99 million baht or 11.8% (YoY), primarily contributed by a growth in capital market businesses especially asset management business, the recognition of gain on investment and lower expected credit loss (ECL).
In 2021, non-interest income expanded by 9.7% (YoY), which consisted of asset management fee growth of 46.2% (YoY) driven by the successful issuances of new mutual funds that received good responses, coupled with fund performance fee that was recognized in the fourth quarter. Brokerage fee also increased by 8.1% (YoY) following higher market trading volume.
Moreover, the company recorded gain on financial instruments measured at fair value through profit or loss (FVTPL) that increased in value. On the contrary, banking fees softened caused by a slowdown in economic activities amid the lockdown during the year,and the regulatory adjustment on the reduction of fee ceiling rate.
Meanwhile, the net profit for the fourth quarter of 2021 was reported at THB1,791.46 million or increased by 14.8% (QoQ), mainly driven by the recognition of performance fees from asset management business that was recorded in the fourth quarter. While banking fee improved (QoQ) from the recovering bancassurance business after the ease of lockdown. Net interest income increased by 0.5% (QoQ) from decreased funding cost. Whilst, expected credit loss (ECL) increased to0.8% of average loans. Despite the decreasing NPLs, the company maintained the provisioning to cushion against the potential risks from the spread of COVID-19Omicron variant toward the year end.
