Earnings Report /
Thailand

Bank of Ayudhya PCL: Profit in line with our estimate

  • Result was in line with our model

  • BAY reported a 4Q22 profit of Bt7.4bn

  • 4Q22 lending declined 0.8% QoQ

Poramet Tongbua
Poramet Tongbua

Equity Research Analyst

Follow
Bualuang Securities
20 January 2023

We have a BUY call on BAY and anticipate a dividend yield for 2023 of 3.6%.

Result was in line with our model

BAY reported a 4Q22 profit of Bt7.4bn, up 15.8% YoY but down 8.4% QoQ. The result was in line with our estimate (but was 10% shy the Bloomberg consensus). Pre-provision operating profit came to Bt16.4bn, up 2% YoY but flattish QoQ. Full-year earnings comprise 100% of our 2022 projection of Bt30.8bn.