Bangkok--20 Oct--KASIKORNBANK
KBank and subsidiaries reported the third quarter of 2011 net profit of Baht 7,761 Million, or a rise of 6.05% over the previous quarter. Compared with the same period last year, net profit of the Bank and subsidiaries increased by 40.70%. For the nine-month period of 2011, the Bank’s consolidated net profit totaled Baht 21,193 Million, increased by 43.54% over the same period of 2010.
Mr. Somkiat Sirichatchai, Senior Executive Vice President of KASIKORNBANK, said the Bank and subsidiaries’ operating performance for the third quarter of 2011, KASIKORNBANKGROUP’s net profit Baht 7,761 Million, an increase of Baht 443 Million or 6.05% over last quarter. Compared with Q3/2010, net profit increased Baht 2,245 Million or a rise of 40.70%. The major was due to the net of interest income as a result of loan growth and consequence of assets and liabilities management to align with interest rate trend. Meanwhile, the net interest margin (NIM) stood at 3.65% which improved from last quarter. The net of fee and service income still keep continued growth align with KASIKORNBANKGROUP proactive conglomerated strategies with the customer centricity.
For the nine-month period of 2011, the net profit recorded Baht 21,193 Million which increased Baht 6,428 Million or 43.54% over the same period of 2010. Such performance came from the expansion of core business. Compared to the nine-month period of 2010, net of interest income increased 21.30% and non-interest income increased 25.46%. The major increase was from the net of fee and service income, a rise of 19.80%, as a result of increasing in fee income from credit card business, fee income from KAsset align to the growth of the mutual fund business and also increase in net earned premium from Muang Thai Life Assurance Company Limited (“MTL”). The efficiency ratio performed at 45.11% which improved from the same period of 2010 reported at 49.84%.
As of 30 September 2011, KASIKORNBANKGROUP’s assets totaled Baht 1,777,794 Million. Total loans were Baht 1,199,196 Million, an increase of Baht 32,039 Million or 2.75% over last quarter as a result of loan growth especially commercial loan and housing loan. The NPL Gross was 2.25% which improved from last quarter performed at 2.52%, reflecting to effective management of non-performing loans.
Amid uncertain situation of major economies, particularly the U.S. and Eurozone, the recovery path of Asian economies will likely face greater challenges into 2012. For Thailand, such challenges also include severe flooding. In order to brace for these uncertainties, KASIKORNBANKGROUP continues to rank the ‘quality’ of our business operations as our top priority, ensuring that they are in alignment with the changing economic environment. In our efforts, we strictly adhere to our “Customer-Centricity” strategy, wherein the needs of customers are efficiently met via a broad range products and services, and operating on a solid foundation of effective risk management and good corporate governance.