Kasikornbank Public Company Limited (KBANK) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;
KBANK reported a net profit of 10,626 million baht in 1Q21, increased 44.10% from a net profit of 7,374 million baht in 1Q20.
For the first quarter of 2021 compared with the fourth quarter of 2020, net interest income amounted to 28,133 million baht, an increase of 1,530 million baht or 5.75%, mainly due to an increase in interest income from loans to customers.
Non-interest income increased by 1,923 million baht or 19.30%, as a result of mark to market of financial assets according to market condition and fees from fund management. Moreover, other operating expenses decreased by 950 million baht or 5.44% due to expense management during the economic slowdown. The cost to income ratio stood at 41.30%.
In addition, KBANK set aside an expected credit loss amounting to 8,650 million baht, a decrease of 3,222 million baht or 27.14% with continuous prudent consideration on factors in line with the economy that remains uncertain from COVID-19 situation.
As of 31 March 2021, NPL gross to total loans stood at 3.93% in the same level as the end of 2020. Coverage ratio as of 31 March 2021 stood at 153.98%, while at the end of 2020 this stood at 149.19%.