Earnings Report /
Thailand

Bank of Ayudhya PCL: Profit was 6% above our expectation

  • Earnings beat our estimate by 6%

  • BAY posted a 2Q22 profit of Bt7.8bn

  • 2Q22 lending increased 1.0% QoQ

Poramet Tongbua
Poramet Tongbua

Equity Research Analyst

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Bualuang Securities
21 July 2022

BAY’s 2022 earnings look set to slide 12% YoY, due to the effect of the one-off gain from selling shares in Ngern Tid Lor Plc in 2Q21. But stripping out that one-off gain, our model points to the 2022 bottom-line rising 19% YoY, driven by loan growth, higher non-NII, and a lower credit cost. BUY!

Earnings beat our estimate by 6%

BAY posted a 2Q22 profit of Bt7.8bn, down 46% YoY but up 6% QoQ. The result was 6% above our projection (and beat the Bloomberg consensus by 10%), due to lighter LLPs than expected. 1H22 earnings comprise 51.0% of our full-year projection of Bt29.9bn.