Bangkok, Krungsri Bank reports operating results for the first quarter of 2024 with a net profit of 7,543 million baht, a decrease of 13.1% from the first quarter of 2023, the main factor being increased reserves. SME loans grew at 2.7%, the city's ASEAN loans grew at 4.0%, while total loans decreased 0.9% from the end of 2023. Bank of Ayudhya Public Company Limited and its subsidiaries Reports important operating results and financial status for the first quarter of 2024. Net profit of 7,543 million baht in the first quarter of 2024 decreased 13.1% or 1,133 million baht from the first quarter of 2023, with the main factor being an increase in of reserve Under the policy of careful and careful risk management To accommodate fluctuations that may affect credit quality in the future both domestically and abroad. Total loans decreased 0.9% or 17,252 million baht from the end of December 2023, mainly due to the seasonal decline in large business loans and retail loans. At the same time, loans for small and med ium-sized businesses and ASEAN loans Still growing at 2.7% and 4.0% respectively. Deposits increased significantly by 8.9% or 164,500 million baht from the end of December 2023, with the main factor being an increase in fixed deposits. Net interest margin (NIM) was 4.16%, up from 3.35% in the first quarter of 2023, driven primarily by growth in high-yield loan outstandings. This is a result of the consolidation of overseas consumer loans in the 2nd and 4th quarters of 2023 and from an increase in loan interest rates. Non-interest income increased 26.9% or 2,383 million baht from the first quarter of 2023, mainly driven by net fee and service income. from the combined consumer finance business in the 2nd quarter and 4th quarter of 2023 expense to income ratio Improved to 43.0% from 44.4% in the first quarter of 2023, mainly driven by effective control of operating expenses. The non-performing loan ratio (NPL Ratio) stood at 2.69%, compared to 2.53% at the end of December 2023, while prudent provisioning w as cautious. Especially for overseas subsidiaries As a result, the ratio of provisions to total loans rose to 248 basis points in the first quarter of 2024, excluding the ASEAN loan portfolio. The non-performing loan ratio is 2.30%. Ratio of reserves to non-performing loans It stood at a strong level of 141.5%, while the bank's capital adequacy to risk assets ratio stood at 18.08%, compared to 18.24% at the end of December 2023. Mr. Kenichi Yamato, President and Chief Executive Officer Bank of Ayudhya Public Company Limited said that the economy in the first quarter of 2024 still tends to expand continuously. Although the growth rate is slower with the main support from the service sector With the momentum from tourism Including the recovery of private investment and the manufacturing sector in some industries. In this regard, the disbursement of the fiscal year 2024 budget is later than scheduled. which affects government spending Including the problem of household debt that remains at a continuously high level. It is still a major constraint in the past quarter. It is expected that the Thai economy in 2024 will be able to grow at a higher rate than last year at 2.7%, with a target for total loan growth this year at 3-5%. As of March 31, 2024, Krungsri, which is the fifth largest financial business group in the Thai economy by asset value, Loans and deposits It is one of the systemically important financial institutions (D-SIBs) with total loans of 2.00 trillion baht, deposits of 2.00 trillion baht, and total assets of 2.86 trillion baht, while the bank's capital is at a strong level of 310.29. Billion baht or equivalent to 18.08% of risk-weighted assets. It is the equity tier 1 capital accounted for. 13.44%. Source: Thai News Agency