Bangkok Bank Public Company (BBL) Q2 2024 earnings summary

Executive summary

• Net profit for H1 2024 reached Baht 22,330 million, up 4.2% year-over-year, driven by higher net interest income and loan growth.

• Economic expansion in Thailand was supported by domestic demand, tourism, and exports, but global uncertainties and China's slowdown remain risks.

• Focus on responsible lending, sustainability, and supporting customers' business adaptation.

Financial highlights

• Net interest income for H1 2024 was Baht 66,556 million, up 8.1% year-over-year; net interest margin at 3.05%.

• Non-interest income for H1 2024 was Baht 18,650 million, down 11.9% year-over-year due to lower gains on financial instruments.

• Operating expenses for H1 2024 were Baht 38,812 million, nearly flat year-over-year; cost to income ratio improved to 45.6%.

• Expected credit losses for H1 2024 totaled Baht 19,007 million, up 9.5% year-over-year.

• EPS for H1 2024 was Baht 11.70, up 4.2% year-over-year.

Outlook and guidance

• Economic growth in the second half of 2024 expected to be supported by tourism, foreign investment, and government spending.

• Key risks include global economic uncertainties, China's real estate sector, and potential impacts from the U.S. Presidential election.