Tisco Financial Group Public Company Limited (TISCO) has reported its 1Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:
In the first quarter of 2019, the net profit of TISCO was THB 1,729.60 million, decreased by THB 36.21 million (2.1% YoY), mainly driven by the absence of gain from investment during the first quarter of 2018, together with the slowdown in business operations including bancassurance business and businesses related to capital market amidst the unfavorable capital market condition. Therefore, total revenue declined by 14.9% (YoY).
In addition, operating expenses increased by 0.9% (YoY) from the additional expenses for the adjustment of compensation in the case of retirement and dismissal of employees, according to the New Labor Protection Act (No. 7) B.E. 2562. Meanwhile, provision expense declined by 83.3% (YoY) following the setup of required reserve aligning with the credit quality of loan portfolio.
TISCO still maintained loan loss reserve to minimum loan loss reserve requirement as high as 219.9%, and maintained the high level of return on average equity (ROAE) at 17.9%.