Bangkok Bank Public Company (BBL) Q3 2024 earnings summary

Executive summary

• Net profit for the nine months ended September 30, 2024, was ฿34,807 million, up 6.2% year-over-year, driven by higher net interest and non-interest income.

• The Thai economy expanded, supported by government spending, exports, and foreign investment, with further growth expected in Q4 2024.

• Prudent management and responsible lending remain priorities amid evolving ESG, regulatory, and technological landscapes.

Financial highlights

• Net interest income for 9M24 rose 4.4% year-over-year to ฿99,923 million; net interest margin was 3.05%.

• Non-interest income for 9M24 increased 5.1% year-over-year to ฿31,110 million, with strong growth in investment income and fee income.

• Operating expenses for 9M24 were ฿60,652 million, up 4.3% year-over-year; cost to income ratio stable at 46.3%.

• Expected credit losses for 9M24 were ฿27,204 million, similar to the prior year.

• Loans as of September 30, 2024, stood at ฿2,638,697 million, down 1.2% from year-end 2023; deposits were ฿3,109,982 million, down 2.3%.

• Gross NPL ratio was 3.4%; allowance for expected credit losses to NPL ratio was 266.6%.

Outlook and guidance

• The Thai economy is expected to expand further in Q4 2024, supported by tourism recovery, government stimulus, and export growth.

• Key risks include flooding, China’s economic measures, geopolitical tensions, and the US presidential election.