KBANK Reports a Decline in 1Q20 Profit by 34% as Other Income Drops by ฿5.1Bn

Kasikornbank Public Company Limited (KBANK) has reported its 1Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

KBANK reported a net profit for the first quarter of 2020 at 6,581 million baht, decreased 34.47% when compared to a net profit of 10,044 million in the first quarter last year.

Net interest income amounting to 28,082 million baht, an increase of 2,830 million baht or 11.21%, mainly due to an increase in interest income from loan to customers and decrease in interest expense from Contributions to Financial Institutions Development Fund and Deposit Protection Agency.

However, other income decreased by 5,152 million baht or 148.25%, mainly due to the volatility of the money market and capital market during the economic recession from COVID-19, and TFRS 9 impacts from reclassification and remeasurement.

KBANK’s NPL gross to total loans as of 31 March 2020 stood at 3.86%, while at the end of 2019 this stood at 3.65%.