Date: 24 October 2024
Broker: UOB Kay Hian

Overview

TISCO Financial Group reported a net profit of Bt1.7 billion for the third quarter of 2024, reflecting a 9% decrease year-on-year and a 2% decrease quarter-on-quarter. The results were in line with both UOB Kay Hian’s and consensus forecasts.

Financial Performance

• Net Profit: Bt1.7 billion
• Year-on-Year Change: -9%
• Quarter-on-Quarter Change: -2%
• PPOP: Increased by 1% year-on-year but fell by 4% quarter-on-quarter.

Credit Cost and Asset Quality

TISCO reiterated that it expects its credit cost to normalize to 100 basis points in 2025. This commitment suggests a proactive approach to managing asset quality and ensuring stability amid economic fluctuations.

Outlook

The bank’s performance has been stable, maintaining alignment with market expectations. TISCO’s focus on normalizing credit costs positions it well for future resilience.

Conclusion

TISCO remains a steady performer in the Thai banking sector, effectively managing its financials while preparing for potential challenges ahead.