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Bangkok Bank Q4 net profit slips 1.2% YOY

Bangkok Bank PCL posted a 1.2% year-over-year decline in net profit for the fourth quarter of 2019.

The company on Jan. 21 reported a consolidated 2019 fourth-quarter net profit attributable to owners fell to 8.00 billion Thai baht from 8.10 billion baht in the prior-year quarter. Basic EPS for the period declined to 4.19 baht per share from 4.24 baht per share.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 5.09 baht, while the GAAP EPS estimate for the quarter was 5.10 baht.

Net interest income for the quarter declined year over year to 17.19 billion baht from 18.42 billion baht. The bank attributed the decline mainly to lower transaction volume and yields as the market's interest rates saw a downward trend.

Net fees and service income climbed to 8.19 billion baht from 7.07 billion baht, due mainly to increases in fees from loan-related services and investment banking services.

Profit from operations before income tax expenses climbed to 11.39 billion baht from 9.97 billion baht. Impairment loss of loans and debt securities rose to 16.34 billion baht from 2.77 billion baht.

Net interest margin for the quarter stood at 2.22%, down from 2.35% for the prior quarter and 2.46% for the 2018 fourth quarter.

For the 2019 full year, Bangkok Bank posted a 1.4% year-over-year rise in consolidated net profit attributable to owners to 35.82 billion baht from 35.33 billion baht. Basic EPS for the period rose to 18.76 baht from 18.51 baht.

The company's nonperforming loan ratio clocked in at 3.4% as of Dec. 31, 2019, down from 3.6% at Sept. 30, 2019, and steady from the prior-year period.

As of the end of 2019, the company's total capital adequacy ratio came to 20.0%, down from 20.7% at Sept. 30, 2019, but up from 18.0% at the end of 2018. Its Tier 1 and common equity Tier 1 capital ratios for the period both came to 17.0%, compared to 17.7% at Sept. 30, 2019, and 16.4% at Dec. 31, 2018, for both ratios.

As of Jan. 21, US$1 was equivalent to 30.40 Thai baht.