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Kasikornbank posts 23.2% YOY rise in FY'18 net profit on lower impairments

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Kasikornbank posts 23.2% YOY rise in FY'18 net profit on lower impairments

Kasikornbank PCL posted a 23.2% year-over-year increase in net profit for the 2018 fourth quarter amid lower impairment losses.

The bank on Jan. 18 reported a consolidated net profit attributable to equity holders of 7.03 billion baht, up from 5.71 billion baht in the prior-year period. Basic EPS rose to 2.94 baht from 2.38 baht.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 3.34 baht, while the consensus GAAP EPS estimate for the quarter was 3.38 baht, with four analysts reporting.

Net interest income for the period increased to 25.47 billion baht from 24.02 billion baht, while net fees and service income fell to 8.99 billion baht from 10.36 billion baht.

Net total operating income slipped to 38.02 billion baht from 38.80 billion baht, while operating profit before tax expense climbed to 10.03 billion baht from 8.19 billion baht.

Impairment loss on loans and debt securities declined to 8.51 billion baht from 11.65 billion baht.

The lender's net interest margin for the quarter slipped to 3.41% from 3.49% for the prior-year quarter.

For the full year, Kasikornbank posted a 12% year-over-year rise in consolidated net profit attributable to equity holders to 38.46 billion baht from 34.34 billion baht. Basic EPS for the period climbed to 16.07 baht from 14.35 baht.

The group's gross nonperforming loan ratio came to 3.34% as of Dec. 31, 2018, up from 3.30% at both Sept. 30, 2018, and Dec. 31, 2017. Its net NPL ratio clocked in at 1.89% at the end of 2018, steady from Sept. 30, 2018, but up from 1.85% at the end of 2017.

As of Dec. 31, 2018, the group's capital adequacy ratio came to 18.32%, down from 18.96% at Sept. 30, 2018, but up from 17.96% at the end of 2017. Its Tier 1 capital ratio for the period stood at 15.90%, down from 16.50% at Sept. 30, 2018, but up from 15.66% at the end of 2017.

As of Jan. 17, US$1 was equivalent to 31.75 Thai baht.