Kbank reports decreased profits for first nine months

Corporate October 20, 2017 14:10

By The Nation

KBank and its subsidiaries reported net profit of Bt28.631 billion for the first nine months of 2017, a decrease of Bt1.299 billion or 4.34 per cent over the corresponding period last year, mostly due to higher company allowances.

The bank said in a statement on Friday that they attained a Bt70.647 billion operating profit before provisional and income tax expenses.

That was an increase of Bt1.650 billion or 2.39 per cent over the same period in 2016, due mostly to net interest income increasing by Bt3.467 billion or 5.20 per cent while the net interest margin (NIM) stood at 3.44 per cent.

Non-interest income decreased by Bt652 million or 1.34 per cent due mostly to a decrease in net insurance premiums, while net fees and service income increased by Bt1.887 million or 6.49 per cent. Moreover, other operating expenses increased by Bt1.165 million or 2.52 per cent, resulting in a cost-to-income ratio of 40.16 per cent.

Quarterly operating performance improved for the third quarter as KBank and its subsidiaries reported net profit of Bt9.473 billion, an increase of Bt487 million or 5.42 per cent over the previous quarter. The bank attributed that to net interest income increasing by Bt367 million or 1.57 per cent. NIM stood at 3.47 per cent.

As of the end of September, total assets of KBank and its subsidiaries were Bt2.863 trillion, rising Bt20.036 billion or 0.70 per cent compared to the end of 2016.