BAY’s 3Q19 Profit Grows 6%, Reaching ฿6.5bn from Higher Operating Profit

Bank of Ayudhaya Public Company Limited (BAY) has reported its 3Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

BAY recorded a net profit of 6,564 million baht in 3Q19, increased 5.6% YoY, mainly due to higher operating profit, offset by an increase in a higher loan-loss provision.

The operating profit increased by 830 million baht or 5.8% YoY, largely driven by an increase in non-interest income which was mainly driven by a share of profit from investment using the equity method and gain on sales of properties for sale.

The ratio of gross NPLs as of September 30, 2019 stood at 2.01%, increased from 1.96% in June 2019, but lower than the record of 2.08% in December 2018.