TCAP reported 1.93 billion baht of net profit forQ3

Editorial Staff

TCAP reported 1.93 billion baht of net profit forQ3

Thanachart Capital Plc (TCAP) reported net profit for the third quarter of 2023 of 1.93 billion baht with net profit attributable to the company amounting to 1,812 million baht.

Mr. Somjate Moosirilert, chief executive officer of TCAP said net profit for the third quarter of 2023 of 1.93 billion baht with net profit attributable to the company amounting to 1.81 billion baht, up 2% when compared to the previous quarter.

On the other hand, net profit for the nine months of 2023 is 5.69 billion baht with net profit attributable to the company amounting to 5.16 billion baht, up 25% when compared to the same period in the prior year.

The increases are largely due to successful implementation of the strategic plans related to additional investments in subsidiaries and associated companies as well as expansion of loans through Thanachart Plus.

“The overall performance of the company showed positive growth in both the third quarter and the nine months of this year. In this connection, the performances of subsidiaries and associated companies, particularly TMBThanachart Bank and MBK (companies in which TCAP invested), were satisfactory and demonstrated steady growth.”

The expansion of loans through Thanachart Plus was also quite successful. Based on the company’s separate financial statements, net profit for the third quarter of 2023 increased by 2% when compared to the previous quarter.

On the other hand, net profit for the nine months of 2023 increased by 25% when compared to the same period in the prior year. In this connection, net interest income increased in line with the expansion of the subsidiary’s loans and the rising interest rates.

Non-interest income also increased, mainly due to the share of profits from the company’s investments in the above-mentioned associate companies.

Given the positive trends in operating results, the board of directors approved an interim dividend payment of 1.20 baht per share on 2 October 2023, with the payment being paid on 30 October. TCAP has a policy to pay appropriate dividends to shareholders, taking into account the operating results and maintaining the Company’s liquidity.

As well, 2023 was the first year in which TCAP participated in the assessment conducted by the Stock Exchange of Thailand (SET) on the economic, social and governance (ESG) aspects of business operations. TCAP was one of 193 companies which passed the sustainability assessment.