Krungsri (Bank of Ayudhya PCL and its business units) posts 7,543 million baht in net profit for the first quarter of 2024, decreasing by 13.1% over-year, largely driven by an increase in provisions as a safeguard in light of future uncertainty that could impact asset quality domestically and overseas, underscoring Krungsri's rigorous and prudential risk management approach.
Sustaining the economic and business growth momentum, while fully committed to the new responsible lending guidelines, SME loans continued to grow by 2.7% in 1Q/24, offset by the seasonal contraction in large corporate and retail loans, resulting in a slight decrease in total loans by 0.9% from the end of December 2023. Thanks to robust demand conditions in regional markets, Krungsri's ASEAN loans grew 4.0% in 1Q/24.
Highlights of Krungsri's consolidated first-quarter 2024 performance:
Krungsri President and Chief Executive Officer Mr. Kenichi Yamato, said "The continued economic momentum in 1Q/24, albeit at a slow pace, was in part driven by strong support from the service sector, namely the tourism sector, the rebound in private investment and manufacturing in certain sectors. Meanwhile, a delay in the 2024 budget, which weighed down public spending, together with enduring high level of household indebtedness, remained key headwinds for the period."
"Against such backdrops, Krungsri continued to proactively play our role in sustaining the economic and business growth momentum, while fully committed to the new responsible lending guidelines which came into effect early this year. We forecast the Thai economy to grow at 2.7% in 2024, relatively faster than the previous year, aligning with Krungsri's loan growth target at
3-5% for this year."
As of 31 March 2024, Krungsri, Thailand's fifth largest bank in terms of assets, loans and deposits, and one of Thailand's Domestic Systemically Important Banks (D-SIBs), reported 2.00 trillion baht in loans, 2.00 trillion baht in deposits, and 2.86 trillion baht in total assets. Krungsri's capital (Bank only) was strong at 310.29 billion baht, equivalent to 18.08% of risk-weighted assets, with 13.44% in common equity tier 1 capital.
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