TTB Records 18% Decline of Profit in 2Q with Lower Income and Higher Provision

TMBThanachart Bank Public Company Limited (TTB) has announced its 2Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

TTB reported a net profit of 2,534 million baht in 2Q21, decreased 18.12% from a net profit of 3,094 million baht in 2Q20.

 

TTB recorded 12,782 million baht of net interest income (NII) in 2Q21, 2.0% decreased from the same period last year. In 2Q21, NIM increased by 10 bps from 2.88% compared to the same period last year as well-managed funding cost lessened the impact of low rate environment and lower yield on earning assets.

Meanwhile, TTB posted 3,118 million baht of non-interest income in 2Q21, which dropped by 11.5% from the same period last year. The decline was mainly from lowernet fees and service income.

In 2Q21, cost to income ratio was reported at 46%, improving from 47% in 2Q20 with the strong cost discipline, cost-savings helped maintain level of C/I ratio even with the pressure on the income side.

TTB stated that the bank was prudent and set a provision of 5,491 million baht, increased 10.4% from the same period last year, while NPL remained within the target at 2.89%.