Sales of NTL Doubles BAY’s 1Q Profit to ฿12.7bln., still a Quarterly High if Excludes

Bank of Ayudhaya Public Company Limited (BAY) has reported its 1Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

BAY recorded a net profit of THB 12,737 million in the first quarter of 2019, increased 104.9% YoY, mainly due to the recognition on investments from the sales of 50% of shares in Ngern Tid Lor Company Limited (NTL).

Excluding the extraordinary gains from NTL transaction and the provision for compensation in lieu of notice in the case of retirement and dismissal of employees according to the amended Labor Protection Act, BAY’s net profit reached a new quarterly record high at THB 6,929 million in the first quarter, increased 11.5% YoY.

The loan-loss provision in 1Q19 amounted to THB 6,348 million, decreased THB 442 million or 6.5% QoQ. The coverage ratio recorded at 165.7%, compared to 160.8% in December 2018.

As of March 31, 2019, gross NPLs stood at THB 38,548 million, increased THB 102 million or 0.3%.