TISCO Records 15% Growth, Booking ฿7bln. of Profit in 2018 from FX and Interest Gain
TISCO has announced its yearly financial statement of 2018, recording over ฿7 billion of profit, increased 15% from last year.
Tisco Financial Group Public Company Limited (TISCO) has announced its 2018 yearly financial statement through the Stock Exchange of Thailand as follows:
In 2018, the net profit attributed to TISCO was 7,015.69 million baht, increased by 925.68 million baht (15.2% YoY), contributed by an increase in income from core businesses and the record of extraordinary income from investment and business sale.
Net interest income increased by 9.1% (YoY) from the ability to maintain overall loan yield and the effective cost management, together with the transfer of retail banking business from Standard Chartered Bank (Thai) Public Company Limited.
In addition, TISCO recorded a gain on selling the investment, share of profit from subsidiaries and gain from sale of credit card business. However, non-interest income from core business slightly declined by 0.7% (YoY), from the decline in investment banking fee income. Whilst, fee income from other core businesses reported favorable growth. Provision expense declined by 12.3% (YoY) following the effective credit control.
At the end of this year, TISCO has revised the loan classification criteria to be more stringent for installment loans in accordance with prudent credit control policy, despite the clients’ repayment behavior and overall asset quality have remained stable. As a result, NPLs ratio at the end of 2018 rose to 2.86%. Meanwhile, the Bank still maintained loan loss reserve to minimum loan loss reserve requirement as high as 230.1%.