The banking industry experienced a milder net profit growth of 7% in 2024, reflecting the prevailing economic conditions in the country.
This positive result was bolstered by a decrease in loan-loss reserves and controlled levels of non-performing loans (NPLs).
The 11 banks listed on the Stock Exchange of Thailand (SET) reported a consolidated net profit of 253 billion baht in 2024, representing a 7.22% increase year-on-year. In recent years, the industry had consistently achieved double-digit growth.
In 2024, the sector set aside 235 billion baht for expected credit losses (ECL), marking a 2% decline compared to the previous year.
Among the four largest banks, Krungthai Bank (KTB) posted the most significant net profit growth, increasing by 19.8% to reach 48.6 billion baht. The bank also achieved a loan growth of 4.7%, mainly due to demand from the government sector and mortgages, contrasting with the modest loan growth of its competitors.
In the context of an uneven economic recovery in 2024, KTB successfully managed its asset quality, lowering its NPL ratio to 2.99%, down from 3.03% the previous year, as stated by bank president Payong Srivanich in a Stock Exchange of Thailand announcement.
Kasikornbank (KBank) reported the highest net profit of 48.6 billion baht for the industry, reflecting a 14.6% growth due, in part, to an 8.85% reduction in loan-loss reserves. The bank maintained an NPL ratio of 3.18% in 2024, slightly improved from the previous year’s 3.19%.
Kattiya Indaravijaya, the chief executive of KBank, noted that the bank continued to set aside provisions prudently each quarter to address uncertainties arising from the slower economic recovery.
Bangkok Bank achieved a net profit of 45.2 billion baht, marking an 8.6% year-on-year increase. However, the bank raised its ECL allocation by 3.48% to 34.8 billion baht while keeping its NPL ratio stable at 2.7%.
“The increase in provisions reflects the bank’s prudent strategy amid Thailand’s uneven economic recovery, along with heightened global economic policy uncertainties and ongoing geopolitical tensions,” the bank stated.
SCB X reported a net profit of 43.9 billion baht, a modest rise of 0.97%. Provisions decreased by 2.3% year-on-year in 2024, while its NPL ratio improved, dropping to 3.37% from 3.44%.
In 2025, SCB X aims for sustained growth through its existing businesses, particularly in consumer finance, by enhancing cost management and improving debt collection processes, according to chief executive Arthid Nanthawithaya.
Krungsri (Bank of Ayudhya) recorded a net profit of 29.7 billion baht for 2024, reflecting a 9.81% year-on-year decline, largely due to higher ECL provisions.
TMBThanachart Bank achieved a net profit of 21.0 billion baht, an increase of 12.9%, partially supported by a 10.6% reduction in ECL allocations. The bank’s NPL ratio also improved, declining to 2.59% from 2.62%.
