LHFG Shows Strong 3Q Performance, Recording 37% Increase in NP from Operations

LH Financial Group Public Company Limited (LHFG) has announced its 3Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

LHFG reported a net profit of 718 million baht in 3Q21, increased 37.44% from a net profit of 522 million baht in 3Q20. The increase was mainly due to the increase in net interest income and dividend income.

In the third quarter of 2021, net interest income amounted to 1,503.2 million baht, increased by 32.4% when compared to the third quarter of 2020.  Net non-interest income amounted to 977.4 million baht, increased by 8.3% when compared to the third quarter of 2020 due mainly to the increase in dividend income.

The bank used a more conservative scenario in estimating the expected credit losses. In the third quarter of 2021, the expected credit losses amounted to 831.5 million baht, increased by 69.0% when compared to the second quarter of 2021 and 17.3% when compared to the third quarter of 2020. As a result, the bank’s coverage ratio stood at 148.4%, and increased by 17.3% when compared to the third quarter of 2020.

On 8 September 2021, CTBC Bank acquired LHFG shares from Ms. Piangjai Harnpanij and Mr. Pairoj Paisarnsrisomsuk, in aggregate of 10.99% of the paid-up capital, consequently CTBC holds LHFG shares in aggregate of 46.61% of the paid-up capital.