KBank Presentation for Analyst Meeting 4Q17 · 2018-01-19 · 1 For further information, please...
Transcript of KBank Presentation for Analyst Meeting 4Q17 · 2018-01-19 · 1 For further information, please...
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For further information, please contact the Investor Relations Unit or visit our website at www.kasikornbank.com
KASIKORNBANK
Presentation for Analyst Meeting
as of 4Q17
January 2018
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KASIKORNBANK at a Glance Established on June 8, 1945 with registered capital of Bt5mn (USD0.15mn) Listed on the Stock Exchange of Thailand (SET) since 1976
Share InformationSET SymbolShare Capital: Authorized Bt30.5bn (USD0.9bn) Issued and Paid-up Bt23.9bn (USD0.7bn)Number of Shares 2.4bn sharesMarket Capitalization Bt555bn (USD17.0bn) Ranked #1 in Thai banking sector 4Q17 Avg. Share Price: KBANK Bt221.67 (USD6.78) KBANK-F Bt226.50 (USD6.93)EPS Bt14.35 (USD0.44)BVPS Bt145.67 (USD4.46)
KBANK, KBANK-F
Notes: * Loans = Loans to customers less deferred revenue
** Assets, loans and deposits market share is based on C.B.1.1 (Monthly statement of assets and liabilities) of 14 Thai commercial banks as of November 2017
*** Capital Adequacy Ratio (CAR) has been reported in accordance with Basel III Capital Requirement from 1 January 2013 onwards.CAR is based on KASIKORNBANK FINANCIAL CONGLOMERATE. KASIKORNBANK FINANCIAL CONGLOMERATE means the company under the Notification of the Bank of Thailand re: Consolidated Supervision, consisted of KBank, K Companies and subsidiaries operating insupporting KBank, Phethai Asset Management Co., Ltd. and other subsidiaries within the permitted scope from the BOT’s to be financial conglomerate Exchange rate at the end of December 2017 (Mid Rate) was Bt32.68 per USD (Source: Bank of Thailand)
Consolidated (as of December 2017)Assets Bt2,901bn (USD88.8bn) Ranked #4 with 15.1% market share** Loans* Bt1,803bn (USD55.2bn) Ranked #4 with 15.1% market share** Deposits Bt1,879bn (USD57.5bn) Ranked #4 with 15.6% market share** CAR 17.96% ***ROE 10.24%ROA 1.20%Number of Branches 1,026Number of ATMs 9,302Number of Employees 20,839
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Key Points:
Risk Factors:
Operating Environment: Economic Outlook for 2018Key GDP Forecasts and Assumptions
Notes: MPC’s policy rate is at 1.50% (as of December 20, 2017) Source: * KResearch (as of December 20, 2017):
2018 GDP growth is revised up to 4.0% from 3.7%; 2017 GDP growth is revised up to 3.9% from 3.7% (the previous forecast was on October 20, 2017)** KBank Capital Markets Research (as of October 18, 2017)
Downward pressure on domestic demand from farm income slowdown and high level of household debt
Global fund flow volatility from a divergence of monetary policy in major central banks
Geopolitical uncertainties in Korean peninsula and BREXIT repercussions
Projected base case for 2018 GDP growth is revised up to 4.0% (range 3.5-4.5%) from 3.7% (range 3.4-4.0%). The GDP growth in 2018 will be driven by public and private investment
Improvement to private investment is expected from a crowding in effect of public infrastructure investment
Exports and tourism will continue to grow, but at a slower pace from a high base effect
% YoY
Range Base Case
GDP 3.2 3.9 3.5-4.5 4.0
Private Consumption 3.1 3.1 2.5-3.5 3.0
Government Consumption 1.6 2.7 0.0-3.0 1.0
Total Investment 2.8 1.6 2.0-6.5 4.3
- Public investment 9.9 1.8 5.0-11.0 8.0
- Private investment 0.4 1.6 1.0-5.0 3.0
Gov't Budget Deficit (% of GDP) -2.8 -3.0 -2.8 to -3.6 -3.3
Exports (Customs Basis) 0.5 9.0 2.0-7.0 4.5
Imports (Customs Basis) -3.9 14.0 4.0-10.0 8.0
Current Account (USD bn) 46.4 45.4 35.0-45.0 37.5
Headline Inflation 0.2 0.8 0.6-1.5 1.1
Policy Interest Rate** 1.50 1.50 1.50
2017F*
2018F*
2016
3.23.9 3.5-4.5
0.0
3.0
6.0
2016 2017F 2018F
% Y
oY
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Consolidated 2016 Actual 2017 Actual 2017 Targets Key Message
ROE 13.23% 10.24% N/A Dropped YoY as a result of slowdown in non-interest income growth and higher provisioning expenses in preparation for future regulatory changesROA 1.49% 1.20% N/A
NIM 3.52% 3.44% 3.3-3.5%Within target range but lower YoY, in line with interest rate trend
Loan Growth 5.45% YTD 6.20% YTD 4-6%Achieved high-end of 2017 target range; mainly from corporate business
Non-Interest Income Growth* 1.96% YoY -1.62% YoY Up to 5%2017 non-interest income growth reflects large base effect and slowdown in insurance business due to market competition, however net fee income grew around 6%. 2017 non-interest income ratio remained at 40%; in line with target
Non-Interest Income Ratio 41.54% 39.97% About 40%
Cost to Income Ratio** 41.63% 42.31% Mid-40sWithin target range but slightly increased YoY due to cost increased and lower revenue growth.
Credit Cost (bps) 204 bps 239 bps 200-225 bpsPrudent and peaked credit cost in 2017. NPL ratio stabilized and moved within a narrow range in 2017
NPL Ratio (Gross)*** 3.32% 3.30% 3.3-3.4%
* Non-Interest Income includes Net Premium Earned - net (Net Premium Earned less Underwriting Expenses) from Muang Thai Life Assurance PCL (MTL); KBank has a 38.25% economic interest in MTL; on the consolidated basis, Bancassurance fees are not included in net fee income, due to the elimination of inter-company transactions (the accounting treatment from the Muang Thai Group Holding consolidation); Non-Interest Income = Total Operating Income – net less Interest Income – net
** Cost to Income Ratio = Total Other Operating Expenses to Total Operating Income – net (Total Operating income less Underwriting Expenses)*** NPL Ratio (Gross) = NPL (gross) to total loans; NPL (gross) used in the calculation are loans to general customers and loans to financial institutions that are non-performing loans; total loans used in the
calculation are loans to general customers and loans to financial institutions
2017 Key Financial Performance
Note:
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Consolidated 2017 Actual 2017 Targets 2018 Targets Notes
ROE 10.24% N/A N/A
ROA 1.20% N/A N/A
NIM 3.44% 3.3-3.5% 3.2-3.4%Stronger loan growth in corporate lending and change in deposit term for longer maturity in line with interest rate trend
Loan Growth 6.20% YTD 4-6% 5-7%Sensible loan growth in line with economic growth; depending on success of government measures
Non-Interest Income Growth*
-1.62% YoY Up to 5% Flat Slow growth in insurance businesses; modest growth from fee-driven businesses, reflecting on large base effect and uncertainty factors, e.g. national e-payment
Non-Interest Income Ratio 39.97% About 40% About 40%
Cost to Income Ratio** 42.31% Mid-40s Mid-40sFocus on cost management under pressure from income slowdown and investment in digital
Credit Cost per year (bps) 239 bps 200-225 bps Up to 185 bpsCredit cost peaked in 2017; maintain prudence onward. NPL ratio stabilize and move within a narrow range in 2018
NPL Ratio (Gross)*** 3.30% 3.3-3.4% 3.3-3.4%
* Non-Interest Income includes Net Premium Earned - net (Net Premium Earned less Underwriting Expenses) from Muang Thai Life Assurance PCL (MTL); KBank has a 38.25% economic interest in MTL; on the consolidated basis, Bancassurance fees are not included in net fee income, due to the elimination of inter-company transactions (the accounting treatment from the Muang Thai Group Holding consolidation); Non-Interest Income = Total Operating Income – net less Interest Income – net
** Cost to Income Ratio = Total Other Operating Expenses to Total Operating Income – net (Total Operating income less Underwriting Expenses)*** NPL Ratio (Gross) = NPL (gross) to total loans; NPL (gross) used in the calculation are loans to general customers and loans to financial institutions that are non-performing loans; total loans used in the
calculation are loans to general customers and loans to financial institutions
2018 Financial Targets
Note:
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Composition of Growth: Loans by Business
Note: Since 1Q13, as per the Bank of Thailand’s requirement, the Bank has complied with TFRS 8 (Operating Segments) to present operating results for each key segment in financial reports
Moderate loan growth momentum in line with full-year target
9M17 2018 Outlook
Corporate Loans
Mainly from long-term loans in real estate and services and short-term loans in industrial agriculture
Growth target from large public/private investment projects; focus on industrial agriculture, renewable energy, and construction Focus on industries related to domestic consumption and tourism
SME
LoansMainly from both short-term and long-term domestic credits from
digital and technology, construction, and industrial agriculture
Growth target reflects domestic consumption demand, government stimulus measures, and AEC international trade benefits Focus industries: construction, construction materials, hardware, tourism and
healthcare services, and ICT services
Retail
Loans
Mainly from mortgage loans; selecting high potential customers, building strong relationships with strategic partners, and proactively monitoring loan portfolio quality led to steady growth
Sustainable growth target in line with industry and offering suitable financial solutions for customers to maintain lead market position in key products Focus on potential target customers with acceptable risk; predictive monitoring
and strict control of loan portfolio quality
Loan Definition Corporate Loans: Loans of KBank and KBank’s Subsidiaries in Corporate Segments (annual sales turnover > Bt400mn)SME Loans: Loans of KBank and KBank’s Subsidiaries in SME Segments (annual sales turnover ≤ Bt400mn)Retail Loans: Loans of KBank and KBank’s Subsidiaries in Retail SegmentsOther Loans: Loans in Enterprise Risk Management Division (NPL + Performing Restructured Loans) and other loan types
6% 6% 6% 6% 5%27% 27% 26% 25% 24%
36% 37% 39% 39% 39%
31% 30%29% 30% 32%
0
400
800
1,200
1,600
2,000
2013 2014 2015 2016 9M17
Corporate
SME
Retail
Others
1,439 1,6101,5271,698 1,752
Loan Portfolio Loan Portfolio Structure
Bt bn Consolidated 9M17 9M17Dec16 Sep17 Loan Growth Yield Range
(%YTD) 2017 2018 (%) Corporate Loans 512 546 6.5% 4-6% 6-8% 3-5% SME Loans 657 689 4.8% 4-6% 4-6% 5-7% Retail Loans 429 428 (0.1%) 5-7% 5-7% 5-7% Other Loans 99 89 (10.0%) Total Loans 1,698 1,752 3.2% 4-6% 5-7% 5.5%
Amount (Bt bn) Loan Growth Target(%)
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12%2%2%
20% 21%
61%
61%
05
10152025303540455055606570
2013 2014 2015 2016 2017
Other Operating Income
Fee and Service Income - net
Net Premium Earned - net
Dividend Income
Share of Profit from Investmentson Equity Method
Gain on Investment
Gain on Trading and FXtransactions
2%
0.4%2%
14%
3%
20%
60%
0.2%
11%
2%
2%
0.2% 1%
61%
63.73
16%
66%
4%
62.5055.52
47.52
(+2%)(+13%)
(+17%)
(+17%)
2%2%
0.2%2%
14%
6%
3%
2%
13%
62.70(-2%YoY)
64%
(Bt bn)
0.3%
28.8133.94
0
10
20
30
40
2013 2014 2015 2016 2017
(Bt bn)
61% 60% 58% 58% 60%
39% 40%42% 42%
0
50
100
150
200
2013 2014 2015 2016 2017Non-interest Income Net Interest Income
(Bt bn) (Bt bn) 39% 40% 42% 42% 40%
24% 24% 25% 25% 26%
0
10
20
30
40
50
2013 2014 2015 2016 2017Non-interest Income Ratio Net Fee Income Ratio
Note:
December 2017 (Consolidated)
Total Operating Income - net
Non-interest Income Net Fee Income
Non-interest Income Ratio and Net Fee Income Ratio
- Non-interest Income Ratio = Non-interest Income/Total Operating Income - net - Net Fee Income Ratio = Net Fee Income / Total Operating Income - net- Net Premium Earned - net = Net Premium Earned less Underwriting Expense
(%)
120.32(+15%)
(+18%)
Composition of Growth: Net Fees and Non-interest Income
- The Bank and its subsidiaries have adopted TFRIC13: Customer Loyalty Programmes since January 1, 2014 onwards and restated the comparative financial statements and financial ratios. There is no effect on net profit of the Bank and its subsidiaries
138.66(+15%)
(+18%)
41.31
153.40
37.53(+11%)
(+6%)147.52
38.94(+4%)
(+4%) (+2%YoY)156.9
(+6%YoY)
40%
Non-interest income growth continues to be a main driver helping to achieve long-term sustainable profitability, mainly from net fee income as a result of customer-centric strategy
2017 non-interest income accounted for 40% of total net operating income and net fee income accounted for 26%; non-interest income decreased 2% YoY, due mostly to a decrease in insurance business
Net fee income rose 6% YoY, mainly due to fees from transaction services, card related, loan related, and mutual funds
2018 non-interest income growth will be sensible, from fee-driven businesses, reflecting a large base effect, in line with the economy and uncertainty factors e.g. national e-payment
9%
8
5.1
15.9
42.0
31.7
23.5
6.854.44 3.09 3.76 2.91 2.45 2.16 2.11 2.24 2.70 3.32 3.3044
287
723
888
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83 82 93 102 66 64 66 85 96168 204 239
0
5
10
15
20
25
30
35
40
45
1996 1997 1998 1999 2000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017-100
100
300
500
700
900
NPL ratio Credit Cost
34.725.4
30.034.2
48.8
71.0 73.9
88.4 91.6
111.0
127.1131.8 134.5
141.4
130.0 130.9
148.5
0
50
100
150
1996 1997 1998 1999 2000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2.3
16.8
44.1
50.6
0.75.4 5.9 7.8 9.4
6.7 7.3 8.411.7
14.2
26.4
33.8
41.8
0
6
12
18
24
30
36
42
48
54
1996 1997 1998 1999 2000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Asset Quality and Impairment Loss on Loans and Debt Securities (Provision)
(bps)(%)
Notes: * Data in 1996-1997 is KBank only; ** NPL ratio in retail business, excluding 180 dpd (days past due) of credit card and consumer loans for peer comparison
(%)
Coverage RatioProvision
NPL Ratio and Credit Cost
(Bt bn)
During 1997 Asian Crisis*
During 1997Asian Crisis*
During 1997 Asian Crisis*
NPL was peak at 42.3% in 1Q99
Asset quality remains manageable
NPL ratio in 2017 was at 3.30%, with a coverage ratio of 148.45%
2017 credit cost was 239 bps, prudent and aligned with the credit cycle
Credit cost peaked in 2017; maintain prudence onward. NPL ratio will stabilize and move within a narrow range in 2018
December 2017 (Consolidated)
NPL Ratio by Business 2014 2015 2016 9M17
Corporate Business <2% <2% <2% <2%
SME Business <3% ~3% ~5% ~5%
Retail Business** <2% ~2% ~4% ~4%
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20.45 19.38
14.54 13.2310.24
0
4
8
12
16
20
24
2013 2014 2015 2016 2017
(%)
1.89 1.97
1.491.60
1.20
0.0
0.5
1.0
1.5
2.0
2.5
2013 2014 2015 2016 2017
(%)
2013 2014 2015 2016 2017 1Q17 2Q17 3Q17 4Q17
ROA (%) 1.89 1.97 1.60 1.49 1.20 1.43 1.26 1.33 0.79
ROE (%) 20.45 19.38 14.54 13.23 10.24 12.44 10.78 11.20 6.61
ROA and ROE
ROA ROE
December 2017 (Consolidated)
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3.55 3.803.523.67 3.44
012345
2013 2014 2015 2016 2017
(%)
Net Interest Margin
NIM
Note: * Cost of deposits including contributions to the Financial Institutions Development Fund (FIDF) and Deposit Protection Agency (DPA)
Yield on Earnings Assets and Cost of Fund
NIM was 3.44% in 2017, remaining the highest level among four large commercial banks High portion of CASA (79%) helped support low cost of fund
December 2017 (Consolidated)
5.18 5.19 4.944.55 4.37
6.37 6.33 6.06 5.735.45
1.93 1.691.59 1.32 1.22
1.89 1.63 1.47 1.18 1.110
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4
6
8
2013 2014 2015 2016 2017
Yield on Loans
Yield on Earnings Assets
Cost of FundCost of Deposit*
2013 2014 2015 2016 2017 1Q17 2Q17 3Q17 4Q17
NIM (%) 3.55 3.80 3.67 3.52 3.44 3.41 3.43 3.47 3.49
Yield on Earnings Assets (%) 5.18 5.19 4.94 4.55 4.37 4.34 4.36 4.38 4.40Yield on Loans (%) 6.37 6.33 6.06 5.73 5.45 5.58 5.50 5.46 5.40
Cost of Fund (%) 1.93 1.69 1.59 1.32 1.22 1.22 1.25 1.23 1.23
Cost of Deposit (%), incl DPA 1.89 1.63 1.47 1.18 1.11 1.11 1.13 1.11 1.10
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43.44 44.30 45.19 41.63 42.31
01020304050
2013 2014 2015 2016 2017
Cost to Income Ratio
(%)
Cost to Income Ratio Cost to Average Assets Ratio
(%)
* * *
Note: * The Bank and its subsidiaries have adopted TFRIC 13: Customer Loyalty Programmes since January 1, 2014 onwards and restated the comparative financial statements and financial ratios. There is no effect on net profit of the Bank and its subsidiaries
2013* 2014 2015 2016 2017 1Q17 2Q17 3Q17 4Q17
Cost to Income Ratio (%) 43.44 44.30 45.19 41.63 42.31 39.44 40.32 40.70 48.87
Cost to Average Assets Ratio (%) 2.39 2.63 2.70 2.36 2.31 2.14 2.22 2.29 2.63
2017 cost to income ratio was 42.31%
2018 cost to income ratio will be in mid-40s range, with focus on cost management under pressure from income slowdown and investment in digital
December 2017 (Consolidated)
2.39 2.63 2.70 2.36 2.31
0246
2013 2014 2015 2016 2017
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12.57 13.49 14.53 15.16 15.66
3.213.82 3.47 3.68 2.30
-1258
11141720
2013 2014 2015 2016 2017
Tier2 Tier1
(%)
12.02 12.88 13.79 14.27 14.62
3.233.88 3.60 3.90 2.58
-1258
11141720
2013 2014 2015 2016 2017
Tier1 Tier2
(%)
Bank only KASIKORNBANK FINANCIAL CONGLOMERATE*
Capital (Reported Number: Excluding Net Profit of Each Period)
Capital adequacy remains sufficient to support business growth; maintained adequate Tier 1 ratio, as required under the Basel III
Under Bank of Thailand regulations, net profit in the first half of the year is to be counted as capital after approval by the Board of Directors as per the Bank’s regulations. Net profit in the second half of the year is also counted as capital after approval of the General Meeting of Shareholders. However, whenever a net loss occurs, the capital must be immediately reduced accordingly.
Note: * KASIKORNBANK FINANCIAL CONGLOMERATE means the company under the Notification of the Bank of Thailand re: Consolidated Supervision, consisted of KBank, K Companies and subsidiaries operating in supporting KBank, Phethai Asset Management Co., Ltd. and other subsidiaries within the permitted scope from the BOT’s to be financial conglomerate.
Basel III Basel III
2013 2014 2015 2016 2017 1Q17 2Q17 3Q17 4Q17Bank onlyCAR (%), excluding net profit of each period 15.25 16.76 17.39 18.17 17.20 16.85 16.87 17.40 17.20Tier 1 (%), excluding net profit of each period 12.02 12.88 13.79 14.27 14.62 14.17 14.25 14.81 14.62
KASIKORNBANK FINANCIAL CONGLOMERATE*CAR (%), excluding net profit of each period 15.78 17.31 18.00 18.84 17.96 17.51 17.63 18.23 17.96Tier 1 (%), excluding net profit of each period 12.57 13.49 14.53 15.16 15.66 15.03 15.25 15.91 15.66
Basel III
16.76 17.39
December 2017 (Consolidated)
18.17
15.25 15.7817.31 18.00
18.8417.20 17.96
** The details on Basel III regulations can be found in
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0.0
1.0
2.0
3.0
4.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
(Bt) 4.00
21.36
30.55 31.88 32.33
42.49
32.1427.00
22.1222.32 22.51
27.83
26.96
010203040
50
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
(%)
Dividend
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1H17Dividend Per Share (Bt) 1.75 2.00 2.00 2.50 2.50 2.50 3.00 3.50 4.00 4.00 4.00 0.50
Dividend Payout Ratio (%) 30.55 31.88 32.33 42.49 32.14 27.00 22.12 22.32 22.51 27.83 26.96 n.a.
Dividend policy: both operating results and long-term returns to shareholders are taken into consideration in determining dividend payments
Dividend payout ratio ranges 20-25%, in order to ensure a sustainable and adequate capital level through the changing economic environment and the ongoing adoption of Basel III
Dividend Payout RatioDividend Per Share
1.251.75
2.00 2.002.50
Interim Dividend
2.50 2.50
3.00
3.504.004.00
0.50
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Summary Customer Centricity Strategy Effectively Executed: Customer Centricity
remains our core philosophy, while extending concept of “Main Bank” to “Life Platform of Choice” to stay relevant, valuable, and indispensable to customers
Balanced Growth: loans to grow carefully in line with economic conditions; appropriate liquidity maintained; manageable asset quality supported by strong risk management capabilities; appropriate loan loss reserves; sensible non-interest income growth; manageable cost to income ratio; appropriate ROE maintained
Adequate Capital: maintained adequate Tier 1 ratio, as required under Basel III
Sustainable Development: aim to be a “Bank of Sustainability” in all areas, based on good corporate governance principles and appropriate risk management, covering economic, social, and environmental dimensions
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For Further Enquiries, Contact KASIKORNBANK Investor Relations:
Chief Investor Relations Officer Tel (66) 2470 2673 to 4
Fax (66) 2470 2680
Investor Relations Team Tel (66) 2470 6900 to 1
Tel (66) 2470 2660 to 1
Fax (66) 2470 2690
Email: [email protected]
IR Website www.kasikornbank.com Investor Relations
Disclosure Practice:
Unreviewed/unaudited quarterly financial reports are released within 21 days from the end of each period
Reviewed financial reports are released within 45 days from the end of the period for 1Q and 3Q; Audited financial reports are released within 2 months from the end of the period for 2Q and 4Q
Following KASIKORNBANK Disclosure Policy and good governance practice, KBank maintains a "silent period" for 7 days prior to the unreviewed/unaudited earnings announcement. During this period, the Bank refrains from replying to questions or commenting on the earnings announcement and arranging one-on-one or group meetings with analysts and investors
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This document is intended to provide material information relating to investment or product in
discussion and for reference during discussion, presentation or seminar only. It does not represent
or constitute an advice, offer, contract, recommendation or solicitation and should not be relied on
as such. In preparation of this document, KASIKORNBANK PUBLIC COMPANY LIMITED
(“KBank”) has made several crucial assumptions and relied on the financial and other information
made available from public sources, and thus KBank assumes no responsibility and makes no
representations with respect to accuracy and/or completeness of the information described herein.
Before making your own independent decision to invest or enter into transaction, the recipient of
the information (“Recipient”) shall review information relating to service or products of KBank
including economic and market situation and other factors pertaining to the transaction as posted
in KBank’s website at URL www.kasikornbank.com and in other websites including to review all
other information, documents prepared by other institutions and consult financial, legal or tax
advisors each time. The Recipient understands and acknowledges that the investment or
execution of the transaction may be the transaction with low liquidity and that KBank shall assume
no liability for any loss or damage incurred by the Recipient arising out of such investment or
execution of the transaction.
The Recipient also acknowledges and understands that the information so provided by KBank
does not represent the expected yield or consideration to be received by the Recipient arising out
of the execution of the transaction. Further the Recipient should be aware that the transaction can
be highly risky as the markets are unpredictable and there may be inadequate regulations and
safeguards available to the Recipient.
KBank reserves the rights to amend either in whole or in part of information so provided herein at
any time as it deems fit and the Recipient acknowledges and agrees with such amendment.
Where there is any inquiry, the Recipient may seek further information from KBank or in case of
making complaint, the Recipient can contact KBank at [email protected] or +(662) 470 6900
to 01, +(662) 470 2673 to 74.
* The information herewith represents data in the Bank's consolidated financial statements, some
of the numbers and ratios are calculated before netting with KBank’s non-controlling interest.
DISCLAIMER:
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