KBANK Maintains a Steady Net Profit in 2019 at ฿38.7bn!

Kasikornbank Public Company Limited (KBANK) has reported its yearly consolidated financial statement of 2020 through the Stock Exchange of Thailand as follows;

KBANK reported net profit of THB 38,727 million, an increase of THB 268 million or 0.70% over the previous year. Net interest income increased by THB 4,150 million or 4.21% mainly due to interest income from loans to customers and investments. NIM stood at 3.31%. Meanwhile, non-interest income increased by THB 858 million or 1.51% mainly due to revenue from sales of securities, while net premiums earned – net decreased along with fees waiver for money transfers through digital channels.

Moreover, other operating expenses increased by THB 4,381 million or 6.41% mainly due to branding campaigns and marketing activities in line with business direction of KBANK, resulting in the cost to income ratio that stood at 45.32%. KBANK has set aside higher allowance for impairment loss on loans from the preceding year, with prudent consideration on factors in line with uncertainties from continued economic slowdown.

As of 31 December 2019, KBANK total assets were THB 3,293,889 million, an increase of THB 138,798 million or 4.40% over the end of 2018. The majority came from an increase in investments – net and loans. NPL gross to total loans as of 31 December 2019 stood at 3.65%, while at the end of 2018 this stood at 3.34%.