It attributed this to the recovery of tourism and exports.

Bangkok Bank and its subsidiaries reported a net profit of THB45.21b for 2024, 8.6% year-on-year (YoY) higher compared to the previous year, its latest financial results showed.

In a statement posted on its website, the Thai bank attributed this to Thailand’s economy growing steadily in 2024 on the back of the recovery of tourism and exports.

Net interest income increased by 2.3% from loan expansion and yields on earning assets, offsetting the increased cost of deposits. This resulted in a net interest margin of 3.06%.

Non-interest income increased on the back of gains on financial instruments measured at Fair Value Through Profit or Loss (FVTPL), as well as gains on investments in line with market conditions.

Fee income rose thanks to credit cards, bank inssurance and mutual fund services, which Bangkok Bank said continued to perform well.

Operating expenses increased mainly due to operational efficiency improvements and marketing expenses, whilst the bank said that it continued to focus on cost management, resulting in a lower cost to income ratio of 48%.

Expected credit losses decreased in the fourth quarter of 2024. As a result, the expected credit losses of 2024 were THB32.83b, similar to 2023.

Bangkok Bank’s Common Equity Tier 1 (CET1) capital adequacy ratio stood at 16.2% as of end-2024. Its Tier 1 capital adequacy ratio is 17%; and its total capital adequacy ratio is 20.4%.

For 2025, Bangkok Bank expects the recovery of the global economy to provide momentum for further growth.

However, it warned of the need to monitor challenges such as trade barrier measures from major trading partners, fluctuations in energy and commodity prices due to international conflicts, and high level of household debt.