BAY’s 1Q20 Profit Slips 44% in Absence of a One-Time Gain “Ngern Tid Lor” in 1Q19

Bank of Ayudhya Public Company Limited (BAY) has announced its 1Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

BAY reported a net profit of 7,032 million baht in the first quarter of 2020, a decrease of 5,704 million baht or 44.8% from 1Q19, mainly resulting from the absence of one-time items from the NTL transaction in 1Q19 and a higher provision corresponding to higher expected credit losses (ECL).

As of March 31, 2020, gross NPLs stood at 47,556 million baht, an increase of 6,222 million baht or 15.1% from 41,334 million baht at the end of 2019.