KBANK-LHFG-BBL Plunge after Reporting a Decline of Net Profit in 1Q20
KBANK-LHFG-BBL Plunge after Reporting a Decline of Net Profit in 1Q20
KBANK-LHFG-BBL Plunge after Reporting a Decline of Net Profit in 1Q20
22 เม.ย. 2563

The share prices of Kasikornbank Public Company Limited (KBANK), LH Financial Group Public Company Limited (LHFG) and Bangkok Bank Public Company Limited (BBL) all fell after reporting a decline in 1Q20 earnings.
 
KBANK shed ฿5.00/share or 5.15% to trade at ฿92.00/share. LHFG dropped ฿1.00/share or 9.61% to trade at ฿0.94/share, meanwhile, BBL slipped ฿6.50/share or 5.86% to trade at ฿104.50/share.
 
KBANK reported a net profit in 1Q20 at 6,581 million baht, decreased 34.47%. Even the net income, mainly from an increase in interest income from loan to customers and decrease in interest expense from Contributions to Financial Institutions Development Fund and Deposit Protection Agency, increased by 11.21%, besides other income has decreased by 148.25%, as the volatility of the money market and capital market during the economic recession from COVID-19, and TFRS 9 impacts from reclassification and remeasurement.
 
BBL as well reported a decrease of net profit in 1Q20 of 15.04%, which largely resulted from a decline of non-interest income by 36%.
 
While LHFG experienced a turnaround to book a net loss of 708 million baht in the first quarter of 2020, contrasted to a net profit of 806 million baht in the same period of last year after an implementation of TFRS9.