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Kasikornbank Q3 net profit grows 2.1% YOY

Thailand's Kasikornbank PCL reported a 2.1% year-over-year increase in net profit for the quarter ended Sept. 30.

The bank's net profit attributable to equity holders increased to 9.95 billion Thai baht from 9.74 billion baht in the prior-year period. Basic EPS rose to 4.16 baht from 4.07 baht, according to an Oct. 21 earnings report.

The S&P Global Market Intelligence consensus normalized and GAAP EPS estimates for the third quarter were 4.30 baht and 4.16 baht, respectively.

Net interest income for the period came to 26.10 billion baht, up from about 25 billion baht, while net fees and service income grew to 9.46 billion baht from 9.35 billion baht. Net total operating income rose to 41.87 billion baht from 38.05 billion baht.

The bank booked impairment loss on loans and debt securities worth 10.06 billion baht, an increase from 8.21 billion baht a year earlier.

Net interest margin for the quarter clocked in at 3.34%, steady from the previous quarter, but down from 3.43% in the year-ago quarter.

Kasikornbank's gross nonperforming loan ratio came in at 3.53% as of Sept. 30, compared to 3.40% as of June 30 and 3.34% as of Dec. 31, 2018. Its net NPL ratio stood at 2.34%, compared to 2.15% and 1.89% at the end of the previous quarter and Dec. 31, 2018, respectively.

At the end of September, the lender's capital adequacy ratio clocked in at 19.10%, up from 18.55% in the prior quarter and from 18.32% at the end of 2018. Its Tier 1 capital ratio rose to 16.76% from 16.19% and 15.90% as of June 30, 2019, and Dec. 31, 2018, respectively.

As of Oct. 18, US$1 was equivalent to 30.29 Thai baht.