BAY Records a Slight Increase in 3Q21 Earnings on Rising NIM and Lower ECL

Bank of Ayudhya Public Company Limited (BAY) has announced its 3Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

BAY reported a net profit of 6,361 million baht in 3Q21, increased 4.04% from a net profit of 6,114 million baht in 3Q20. The increase was mainly due to a decrease in expected credit loss, offset by an increase in operating expenses.

Interest income in 3Q21 was recorded at 24,831 million baht, decreased by 1,203 million baht or 4.6%. Total non-interest income in 3Q/21 was 8,285 million baht, increased by 191 million baht or 2.4%.

The expected credit loss in 3Q21 amounted to 8,134 million baht, equivalent to a credit cost of 173 basis points, a decrease by 6.9% from 3Q20.

The non-performing loan (NPL) ratio registered 2.27% at the end of September 2021, compared to 2.00% at the end of December 2020. As of September 30, 2021, total loan loss reserves reached 86,590 million baht resulting in a high coverage ratio at 177.5%, improving from 175.1% at the end of December 2020.