Bank of Ayudhya Public Company Limited announced an improvement in its operating performance for the second quarter of the year. The Bank and its subsidiaries (KRUNGSRI Group) result highlights, are as follows:
- • Baht 6.20 Billion operating profit before provisioning for doubtful accounts and taxes, a 31% and a 1% increase as compared to 2Q/09 and 1Q/10, respectively.
- • Baht 2.14 Billion net profit, after setting aside a Baht 2.91 Billion provision for doubtful accounts and Baht 1.16 Billion for taxes, a 24% and a 3% increase as compared to 2Q/09 and 1Q/10, respectively.
- • 37% increase on net interest and dividend income from prior year.
- • 18% increase on non-interest income from prior year.
- • 3.2% performing loan growth (+15.4 billion net loan growth) in 1H/10
- • A continued improvement in asset quality with coverage ratio improving from 74% to 82% in 1H/10.
- • Non-performing loans reduced further from Baht 52.1 Billion to Baht 49.7 Billion in 1H/10, and will be down by Baht 5.3 Billion in 3Q/10 to be under Baht 45 Billion.
“Despite the unrest experienced in the market for the majority of the second quarter, we are pleased with our achievements and 2Q results”, said Mr. Mark Arnold, President & CEO of Bank of Ayudhya.
“Profitability grew, and we achieved good loan growth. We had an extremely strong take up for our Baht 20 Billion subordinated debenture offering, reflecting investor confidence in the KRUNGSRI Group’s operating fundamentals, stability and potential. After the close of 2Q, the Bank entered into an agreement to sell selected NPLs with a book value of Baht 5.3 Billion. As the Bank has already fully provided for these loans no gain or loss will be realized on this transaction. It will, however, reduce NPLs down further to Baht 44.4 Billion, a reduction of more than 10% from the 2Q closing balance.”
“What we have achieved year-to-date reflects the roll out of the clear strategy we set out at the start of the year to: Integrate, Optimise and Accelerate, despite the significant market challenges in April and May. The integration of our recently acquired businesses is going well and we continue our efforts in driving synergies and leveraging the full scale and benefits of the whole KRUNGSRI Group for our customers and partners.” Mr. Arnold added.
As of 30 June 2010, the Bank recorded Baht 852 billion in total assets, Baht 619 Billion in loans and Baht 523 Billion in deposits. The Bank has a strong capital base with BIS ratio of 17.7% and tier 1 capital of 12.0%.
ABOUT BANK OF AYUDHYA PUBLIC COMPANY LIMITED
Bank of Ayudhya Public Company Limited [symbol in SET: BAY], established on 27 January 1945, is the fifth largest commercial bank in Thailand with total assets of Baht 852 billion. BAY provides a full range of banking services to both its commercial and individual customers through 578 branches nationwide. On 3 January 2007, BAY and GE Money, a premier global consumer financial services firm, successfully became strategic partners. GE Money and Ratanarak Group are now major shareholders with a 33% and a 25% stake in BAY respectively. For more information, please visit the Bank of Ayudhya website, www.krungsri.com.
Press Release issued By:
Corporate Communications Group
Bank of Ayudhya PCL.
Tel: 02 296 3795, 02 296 2443-4
Fax: 02 683 1271
Email: [email protected]
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Bank of Ayudhya posts 2.14 bn in net profit for 2Q/10,A 24% growth from 2Q/09
Hello. Big thanks to Director of Bank of Ayudhya and all the presidents and Modvin and working in this bank’s long history and I wish him continued progress and prosperity and success always and never. Thank you. Sender Hossam Mustafa Abu Saada Quick of Saudi Arabia Dammam