Ms. Kattiya Indaravichai, CEO of Kasikorn Bank, revealed that the Thai economy in 2024 still shows uneven recovery signals (K-Shaped Recovery). Overall, it managed to maintain growth at a level higher than in 2023, with the tourism sector and certain export categories benefiting from the expanding technology product cycle. However, industrial production, private investment, and household spending still show weak signs amid ongoing pressures from competitiveness issues, purchasing power limitations both domestically and internationally, and high household debt burdens. For 2025, the outlook for the Thai economy faces challenges from various factors, particularly the impact of uncertainties in U.S. economic policies, risks from geopolitical conflicts, the slowdown of the Chinese economy, issues in the manufacturing sector, and high private debt burdens, which are structural problems that will take time to resolve.

Amid these challenges, the bank and its subsidiaries continue to focus on creating sustainable value for all stakeholders, especially by delivering stable returns to shareholders and appropriately supporting customers in various aspects, including responsible and fair lending practices, as well as collaborating on government projects to help customers live and operate their businesses sustainably. This is achieved through the implementation of the 3+1 strategy and continuous operational efficiency management.

In the fourth quarter of 2024, the bank and its subsidiaries reported operating profit before expected credit loss provisions and income tax of 25.513 billion baht, a decrease of 1.665 billion baht or 6.13% from the third quarter of 2024. Net operating income was 48.685 billion baht, similar to the previous quarter, while other operating expenses amounted to 23.172 billion baht, an increase of 1.671 billion baht or 7.77%, which is seasonal. Additionally, provisions for expected credit losses amounted to 12.242 billion baht, up 590 million baht or 5.06% from the previous quarter, following a continuous cautious approach to ensure reserves are at an appropriate level to withstand economic uncertainties, resulting in a net profit of 10.494 billion baht in the fourth quarter of 2024, down 1.471 billion baht or 12.30% from the previous quarter.

In 2024, the bank and its subsidiaries reported operating profit before expected credit loss provisions and income tax of 110.673 billion baht, an increase of 2.988 billion baht or 2.77% from the previous year. Net operating income was 197.946 billion baht, growing by 5.293 billion baht or 2.75% due to the bank's strategic operations and business volume expansion. In 2024, other operating expenses totaled 87.273 billion baht, an increase of 2.305 billion baht or 2.71% from the previous year. The cost-to-income ratio for 2024 was 44.09%, similar to the previous year, due to effective cost management and continuous operational efficiency improvements.

The bank and its subsidiaries continue to set aside provisions cautiously in every quarter to prepare for uncertainties, including the slow and low growth recovery of the economy. Although provisions for expected credit losses decreased by 8.85% from the previous year, the net profit for 2024 was 48.598 billion baht, an increase of 6.193 billion baht or 14.60% from the previous year.

Net interest income was 149.376 billion baht, a slight increase of 932 million baht or 0.63% from the previous year, partly due to limited growth in loans in line with economic conditions, along with improvements in the quality of new loan processes. The net interest margin (NIM) was 3.64%, slightly down from the previous year. Additionally, non-interest income was 48.570 billion baht, an increase of 4.361 billion baht or 9.86%, primarily from fee income generated from wealth management services provided to clients through a comprehensive range of financial products from both the bank and its subsidiaries, as well as partners. There were also gains from financial instruments measured at fair value through profit or loss and increased investment income, along with revenue from foreign exchange services rising in line with the recovery of tourism.

Other operating expenses totaled 87.273 billion baht, an increase of 2.305 billion baht or 2.71% from 2023, reflecting a low growth rate compared to the previous year's high growth in other operating expenses. This is a result of a focus on managing expenses efficiently and continuously improving operational efficiency. The main increases in other operating expenses were related to employee costs, marketing expenses in line with business expansion, and technology expenses to support the expansion of customer service channels.

As of December 31, 2024, the bank and its subsidiaries had total assets of 4,325.287 billion baht, an increase of 41.731 billion baht or 0.97% from the end of 2023. Net loans amounted to 2,390.187 billion baht, an increase of 18.695 billion baht or 0.79%, in line with economic conditions, along with improvements in the quality of new loan processes to align with the bank's policy of managing asset quality effectively and cautiously.

Large business loans continued to grow, with deposits totaling 2,718.675 billion baht, an increase of 19.113 billion baht or 0.71%. The non-performing loan (NPL) ratio stood at 3.18%. The bank continues to closely monitor and manage loan quality, providing appropriate assistance to customers and improving processes to enhance debt collection efficiency, as well as considering sufficient provisions according to cautious principles, with the coverage ratio for expected credit losses to non-performing loans increasing to 153.27%. The total capital ratio to risk-weighted assets for Kasikorn Bank's financial business group under Basel III guidelines as of December 31, 2024, remains strong at 20.25%.