Kasikorn Bank announced the nine-month period of 2019 net profit of Baht 29,924 Million

Ms. Kattiya Indaravijaya, President of KASIKORNBANK, said Thai economic activity in the third quarter of 2019 continued to see few supports, after growing by 2.30% in the second quarter of 2019. The Thai economy showed signs of strength in the third quarter of 2019, due mostly to the low base effect of the same period last year, especially in the tourism sector. However, exports and private investment – two major economic drivers – continued to slow in line with the sluggish global economy and trade volume amid the protracted US–China trade negotiations and concerns over Brexit risks. For the final quarter of this year, a brighter outlook seems to be in store for the Thai economy, thanks to the government’s stimulus measures.

Operating performance for the nine–month period of 2019, KBank and its subsidiaries reported net profit of Baht 29,924 Million, and reported net profit of Baht 9,951 Million, for the third quarter of 2019.

Operating performance for the nine–month period of 2019 compared with the same period of 2018, KBank and its subsidiaries reported net profit of Baht 29,924 Million, a decrease of Baht 1,502 Million or 4.78% over the same period of 2018. Net interest income increased by Baht 4,051 Million or 5.54% mainly due to interest income from loans to customers and investments.  NIM stood at 3.34%.  Non–interest income decreased by Baht 2,753 Million or 6.20% mainly due to a decrease in net premiums earned – net and fees waive for money transfers through digital channels, while revenue from sale of securities increased.  Moreover, other operating expenses increased by Baht 2,684 Million or 5.49%, resulting in the cost to income ratio that stood at 43.41%.  KBank has set aside higher allowance for impairment loss on loans from the preceding quarter, with prudent consideration on factors in line with uncertainties from continued economic slowdown.