Best bank: Kasikornbank
Kasikornbank (KBank) receives the award for Thailand’s best bank in in recognition of its commitment to enhancing asset quality in a challenging market and its dedication to sustainability initiatives.
AfE 2024
Despite setting aside a Bt51.8 billion ($1.4 billion) provision for an expected high level of credit losses, KBank reported a net profit of Bt42.4 billion for 2023, an 18.6% year-on-year increase. The bank’s coverage ratio stood at a robust 152.2% at the end of December 2023.
Led by chief executive Kattiya Indaravijaya, KBank’s operating profit for 2023 reached Bt107.7 billion, a 9.3% rise over the previous year. This was primarily driven by an 11.6% increase in net interest income, despite slowing loan growth.
The bank’s focus on asset quality and improving credit underwriting processes for new loans resulted in a strong net interest margin of 3.66%.