Kiatnakin Phatra Bank PCL (KKP) Q2 2024 earnings summary

Executive summary

• Interim consolidated and separate financial statements as of 30 June 2024 present fairly, in all material respects, the financial position and performance in accordance with Thai Financial Reporting Standards.

• Auditor identified allowance for expected credit losses of loans to customers as a key audit matter, with significant management judgment and sensitive assumptions involved.

• No material exceptions were found in the audit of expected credit losses.

Financial highlights

• Total consolidated assets stood at Baht 529,581 million as of 30 June 2024, down from Baht 545,327 million at year-end 2023.

• Net profit for the six-month period ended 30 June 2024 was Baht 2,278.8 million, a decrease from Baht 3,499.6 million for the same period last year.

• Basic earnings per share for the six-month period was Baht 2.69, down from Baht 4.13 year-over-year.

• Total equity attributable to owners as of 30 June 2024 was Baht 61,935.8 million.

• Dividend paid for 2023 was Baht 3.00 per share, with interim and final payments.

Outlook and guidance

• Forward-looking macroeconomic scenarios were incorporated into expected credit loss models, with base, upside, and downside scenarios weighted at 60%, 25%, and 15% respectively.

• Management applied overlays to expected credit losses due to ongoing economic uncertainties.