BBL Reports a 1.4% Higher of Net Profit in 2019, Benefiting from Net Fees/Service Income

Bangkok Bank Public Company Limited (BBL) has reported its yearly consolidated financial statement of 2019 through the Stock Exchange of Thailand as follows;

BBL posted a net profit in 2019 at THB 35,816 million, increased 1.4% compared to last year amid challenging economic environment. Net fees and service income increased 3.3%, driven by higher fees from loan-related services coupled with the strong performance in bancassurance and mutual funds in line with BBL’s strategic direction. Net interest income slightly declined with net interest margin at 2.35%.

Other operating income grew 52.3%, led by higher gains on investments. While non-performing loan (NPL) had remained stable, an one-off higher provision for impairment loss of loans and debt securities was set aside on conservative premise to strengthen the loan loss reserves, in light of the imminent adoption of the new accounting regime which would entail lower credit cost provisioning rate. Operating expenses marginally decreased by 0.4% from last year. The cost to income ratio was poised well at 41.1%.