TMBThanachart Bank (TTB) Q3 2024 earnings summary

Executive summary

• Net profit for the nine months ended 30 September 2024 was THB 15,919 million, up 17% year-on-year, with ROE at 9.1% and a focus on digital transformation and prudent balance sheet management.

• Over 92% of transactions were conducted via digital channels, with strong growth in digital sales and ecosystem-based solutions.

• Interim dividend payout increased to 60% for 1H24, totaling THB 6,331 million, reflecting commitment to shareholder returns.

• The bank entered a non-binding MOU to acquire shares in Thanachart Securities and TLeasing.

• Total assets stood at THB 1,742,609 million as of 30 September 2024.

Financial highlights

• Net profit for 9M24 was THB 15.9 billion (+17% YoY); cost-to-income ratio held at 42%, with a long-term target in the high 30s.

• Net interest income for nine months was THB 42,643 million, up from THB 42,259 million year-over-year.

• NIM was stable at 3.27% for 9M24, at the upper bound of the 3.1–3.25% target.

• Non-fee income declined -7.2% YoY; net fees and service income for nine months was THB 6,906 million.

• Loan growth was -5.7% YTD; deposit growth -6.5% YTD.

Outlook and guidance

• Expectation of a declining interest rate environment in 2H24, with strategies to maintain NIM and profitability.

• Medium-term ROE milestone of 10% remains on track, with continued digital investment and ecosystem expansion.

• Management expects no impact from the adoption of TFRS 17 in 2025.

• Strategic focus on optimizing returns, shifting loan mix toward retail, and deepening multi-product customer relationships.