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Bank of Ayudhya Q4'19 net profit rises 5.4% YOY

Bank of Ayudhya PCL reported a 5.4% year-over-year increase in net profit for the quarter ended Dec. 31, 2019, thanks in part to higher operating profit.

The bank reported consolidated net profit attributable to owners of 6.44 billion Thai baht for the fourth quarter of 2019, up from 6.11 billion baht in the prior-year period. EPS was 88 satang, up from 83 satang.

Net interest income fell 3.1% year over year to 19.13 billion baht from 19.74 billion baht. The bank reported a net interest margin of 3.52% for the quarter, down from 3.61% in the previous quarter and 3.95% in the fourth quarter of 2018.

Net fees and service income came in at 5.80 billion baht, up from 5.62 billion baht.

The bank said pre-provision operating profit rose 10.2% year over year to 16.10 billion baht from 14.61 billion baht. Impairment loss of loans and debt securities swelled to 8.19 billion baht from 6.79 billion baht in the year-ago period.

For the year ended Dec. 31, 2019, net profit attributable to owners rose 44.7% year over year to 34.41 billion baht, or 4.45 baht per share, from 23.78 billion baht, or 3.37 baht per share.

The gross nonperforming loan ratio as of Dec. 31, 2019, stood at 1.98%, down from 2.01% in September 2019 and 2.08% in December 2018.

As of Dec. 31, 2019, the bank's capital adequacy ratio was 16.56%, comprising of common equity Tier 1 capital ratio of 11.89% and Tier 2 capital ratio of 4.67%. In the year ended Dec. 31, 2018, the bank's capital adequacy ratio was 15.13%, comprising common equity Tier 1 capital ratio of 11.59% and Tier 2 capital ratio of 3.54%.

Meanwhile, the bank said its plan to acquire 50% of Philippines-based SB Finance Co. is expected to be completed in the second quarter of 2020. Bank of Ayudhya will acquire the shares from Security Bank Corp. for an estimated consideration of 1.10 billion baht.

Bank of Ayudhya is a subsidiary of Mitsubishi UFJ Financial Group Inc.

As of Jan. 17, US$1 was equivalent to 30.39 Thai baht.