TMBThanachart Bank (TTB) Q1 2025 earnings summary

Executive summary

• Net profit for Q1 2025 was THB 5,096 million, up 2% QoQ but down 5% YoY, supported by cost efficiency and stable NIM at 3.19%.

• Asset quality remained strong with NPL ratio at 2.75% and coverage ratio at 150%.

• Share repurchase program initiated in Jan-25, with 308.1 million shares repurchased at a cost of THB 600 million and THB 6.4 bn budget remaining.

• Total assets stood at THB 1,714,865 million as of 31 March 2025, a decrease from year-end 2024.

• Commitment to high dividend and 3-year share repurchase program worth THB 21 bn; 10% ROE target unchanged.

Financial highlights

• Net profit for 1Q25 was THB 5.1 bn, up 2% QoQ, down 5% YoY; NIM held at 3.19%.

• Net interest income for Q1 2025 was THB 13,219 million, down from THB 14,396 million YoY.

• Loan growth declined 2.4% YTD; deposit growth down 2.3% YTD; C/I ratio at 43.1%.

• Non-NII grew 1.9% YoY, but down 3% excluding BA amortization.

• Expected credit loss expense was THB 4,580 million, down from THB 5,117 million YoY.

Outlook and guidance

• FY2025 targets: loan growth 0-2%, deposit growth in line, NIM 3.1-3.25%, C/I ratio in low 40s, credit cost 125-135 bps.

• The bank’s capital position remains robust, well above regulatory minimums, supporting future growth and risk absorption.

• Management overlay for expected credit loss continues due to economic uncertainties and vulnerable customer segments.

• No material impact expected from the adoption of TFRS 17 Insurance Contracts in 2025.

• Focus on quality growth, prudent risk management, and digital transformation to drive long-term value.