Form 56-1 One Report 2021 Pre-provision operating profit (PPOP) Expected credit loss (ECL) The Bank has maintained a prudent approach and closely monitored asset quality with prudent ECL model and considered forward-looking risks through Management Overlay. In 2021, ECL amounted to THB21,514 million, a decrease of 13.4% YoY as the Bank set aside significantly high provision ahead of 2021. Hence, the Bank’s provisioning is kept at an elevated level under forward-looking ECL model to prepare sufficient cushion against unforeseeable future and the impact of policy cliff this year. Profit before income tax The Bank and its subsidiaries recorded profit before income tax at THB12,804 million, increased by 3.8% compared to the previous year. Income tax expense in 2021 was THB 2,327 million, an increase of 4.7% YoY. Net profit to equity holders of the Bank After the provision and tax, net profit to equity holders of the Bank was THB10,474 million, grew by 3.6% from the same period of last year. The Bank generated ROE of 5.1%. The pre-provision operating profit of the Bank and subsidiaries was THB34,300 million, decreased by 8.0% YoY. Note: Consolidated financial statements Note: Consolidated financial statements THB million FY2019 FY2020 FY2021 19,658 37,266 34,300 Figure 7: Pre-provision operating profit (PPOP) Figure 8: Net profit and Return on equity (ROE) Net profit to equity holder of the Bank Return on equity FY2019 FY2020 FY2021 10,112 7,222 6.5% 5.1% 5.1% 10,474 THB million 133
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