Bangkok--21 Apr--Bank of Ayudhya
Krungsri announced another successful quarter registering significant improvement in core operational performance and strengthened business fundamentals. Key highlights of the Krungsri Group (the Bank and its subsidiaries) results, on a consolidated basis, are:
- Net Profit: Baht 2.8 billion, increased 35.9% from 1Q/10 and 24.5% from 4Q/10
- Operating Profit: Baht 6.6 billion, representing 8.0% increase compared to 1Q/10 and 12.7% compared to 4Q/10
- Performing Loan Growth: Increased Baht 65.3 billion from 1Q/10 and Baht 10.9 billion from 4Q/10
- Funding Growth: Increased Baht 57.8 billion from 1Q/10 and Baht 14.3 billion from 4Q/10
- Non-Performing Loans: Decreased to Baht 36.5 billion from Baht 38.1 billion at end of 4Q/10
- Asset Quality: Increased coverage to 92% from 89%
- Net Interest Margin: Remains strong at 4.62%
Mr. Mark Arnold, President & CEO of the Krungsri Group, said, “We are pleased with our strong start to 2011. First quarter performance showed a significant improvement with net profit growing 35.9% year-over-year. Our net interest income grew 8.4% year-over-year to Baht 9.19 billion and our loan growth target was achieved while the balance sheet strengthened further. Asset quality improved with NPLs reduced to Baht 36.5 billion, or from 5.4% to 5.0% of total loans on a gross basis, while coverage increased from 89% to 92%.”
“We are confident that our One Krungsri strategy will continue to drive accelerated growth and performance for 2011 and beyond.” Mr. Arnold added.
As of 31 March 2011, Krungsri Group recorded Baht 870 billion in assets, Baht 658 billion in loans and Baht 572 billion in deposits. The Bank has a strong capital base with a BIS ratio of 16.8% and tier 1 capital of 12.1%.
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