Bangkok: TMB Thanachart (TTB) has announced a net profit of 5,230 million baht for the third quarter of 2024, attributed to effective cost management and reduced provisioning expenses. The bank’s net profit for the first nine months of the year reached 15,919 million baht, supported by a stable NPL ratio of 2.7% and initiatives to assist customers affected by floods.
According to Thai News Agency, TMB Thanachart’s CEO, Mr. Piti Tantiyaksem, highlighted that the economic challenges in the third quarter mirrored those of the first half of the year, prompting the bank to focus on aligning cost management with income and maintaining asset quality. The bank implemented “resilient measures” to support loan customers impacted by floods, covering both SME and retail sectors.
The bank’s Q3 performance adhered to targets, bolstered by cost management in financial, operational, and risk expenses. TMB Thanachart has actively managed its asset and liability portfolios, adjusted loan structures, and refined investment st
rategies to align with market interest rates. Operating costs were managed through disciplined investment and enhanced digital capabilities, facilitating cost-effective service delivery.
For risk management, the bank emphasized quality loan growth through the Ecosystem Play concept and catered to the needs of homeowners, car owners, and salaried employees. The bank’s debt restructuring initiatives have reduced interest burdens for over 31,000 customers, decreasing total loans due to debt repayments by large corporate clients and proactive NPL management.
TMB Thanachart reported loans of 1,253 billion baht, a 5.7% decrease from the end of 2023, while deposits stood at 1,296 billion baht, down 6.5% YTD, maintaining a loan-to-deposit ratio of 97%. Operating income for Q3 was 17,225 million baht, with operating expenses at 7,295 million baht. NPLs decreased 2% YTD to 40,224 million baht, with a reserve ratio of 149%.
Provisioning expenses in Q3 totaled 4,764 million baht, a 10% decrease from the previous quart
er, with 15,162 million baht provisioned for the first nine months of 2024. The bank’s capital adequacy ratio stood at 19.7%, with a Tier 1 capital ratio of 17.3%, surpassing the Bank of Thailand’s minimum criteria for D-SIBs.
Mr. Piti expressed confidence in TMB Thanachart’s ability to navigate economic uncertainties, citing a robust financial position and commitment to stakeholders.