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Md A2013en Audit Management Discussion and Analysis 2013 KRUNGTHAI BANK Management Discussion and Analysis 2013 Page 0 From 11 Management Discussion and Analysis 2013 Highlights of key events in 2013 Key events of the Bank ° April 5, 2013: The Bank held the 20 th Annual Ordinary General Meeting. ° May 31, 2013: The Bank opened the 12 th Krungthai Young Enterprise Project and the 7 th Krungthai Business Ethics Initiative (White Seedlings) Project. These projects emphasized on the development for younger generation to be well equipped with knowledge and ethics. ° August 30, 2013: The Bank implemented Google’s Enterprise products for its internal operations including a cloud-based set of communication and collaboration tools. With the Google Apps, KTB will be able to broaden its initiative to modernize its operations and be a banking business provider of the future. ° October 28, 2013: The Bank gave 77 scholarships for the 5th Krungthai University Graduates Project to potential high school students who can enter into top public universities in Thailand. ° November 7, 2013: The Bank launched its website service for smart phone and tablet holders. The customers can easily gain access to the Bank’s information from the Bank’s mobile website. New product ° January 22, 2013: KTB and UnionPay International launched KTB-UnionPay Debit Card, the first UnionPay debit card issued by a local mainstream bank in Thailand. It will empower cardholders to enjoy life at more than millions worldwide outlet of shops, restaurants, department stores or cinemas where the UnionPay symbol is displayed. ° January 29, 2013: The Bank launched KTB Trade Online as the one-stop service channel with international security standard. Regarding as the only bank in Thailand to achieve the certificate of ISO 27001 in Trade Finance Category, KTB aimed to facilitate business customers with 24-hour service. ° February 27, 2013: The Bank signed an MOU with the Customs Department for Smart e-Guarantee and e-Payment services which facilitated the payment of taxes, duties, and tariffs on imported and exported goods. ° May 21, 2013: The Bank reduced the inter-region transfer fee between KTB accounts across all regions nationwide via Internet Banking and Mobile Banking. ° October 17, 2013: The Bank signed an MOU with the Stock Exchange of Thailand on Futures Currency service under The Thailand Futures Exchange PCL (TFEX). It provided an alternative in managing currency risk effectively for SMEs customers. Awards & Achievements ° May 3, 2013: The Bank received the Achievement in Operational Risk Management Award 2012 from the Asian Banker magazine due to the outstanding improvement in operational risk management. ° May 28, 2013: The Bank received two of the ICT Excellence Awards 2012 in category of Innovation Projects and Business Enabler Projects. For the Innovation Projects category, the award was given to KTB for its service of Pay/Receive with Mobile by KTB netbank, an e-wallet service which payer can transfer money via mobile phone number to payee without knowing the bank account number. The Bank received the award in Business Enabler Projects category from the service of KTB e-Withholding Tax, in which Bank as the customer representative conducted process of withholding tax and submission of withholding tax form. The Bank received the award for the fourth consecutive year. Page 1 From 11 Management Discussion and Analysis 2013 ° June 19, 2013: The Bank received the Excellence Award for the Outstanding Booth at Money Expo Bangkok 2013. The award is judged in recognition of the KTB booth presented under the theme “Carnival of Wealth”. ° June 26, 2013: The Bank received the Gold Awards for the category of Bank in Trusted Brand Award 2013 from Reader’s Digest Magazine for the second consecutive year. ° October 15, 2013: The Bank’s received three awards of the Best FX Bank in the Region of the Year 2013 from The Asian Money Magazine namely Best Domestic Provider for FX Options in Thailand 2013, Best Overall Domestic Provider of FX Services in Thailand 2013 and Best Domestic Provider for FX Research & Market Coverage in Thailand 2013. The awards reflected the clients’ satisfaction, trust, and good experience from the Bank’s service and advice. ° October 16, 2013: The Bank was awarded SOE Award 2013 for Outstanding State Enterprise Board of Directors. The prestigious award was presented for the State Enterprise Board of Directors who performed their duty as representative of government sector in overseeing state-owned enterprises as well as promoting efficiency and transparency of the management to be in compliance with Corporate Governance principles. ° November 20, 2013: The Bank was awarded “SET Award of Honor”, the Bank received this award for the fifth consecutive year (2009 -2013) from the Stock Exchange of Thailand. Page 2 From 11 Management Discussion and Analysis 2013 Management Discussion and Analysis This report discusses principal changes in the audited consolidated financial statements for the year ended December 31, 2013. In 2013, the Bank practices TAS 12 Income Taxes; therefore, the Bank and its subsidiaries changed accounting policy of income taxes in current year and used retrospective approach. The effects from the change in accounting policy to the consolidated and the Bank’s financial statements are as follows: Unit : Million Baht Consolidated Financial Statements December 31, 2013 December 31, 2012 Statements of Financial Position Increase in deferred tax assets 3,876.02 2,727.93 Increase in deferred tax liabilities 182.68 143.79 Net 3,693.34 2,584.14 Decrease in appraisal surplus on assets (1,586.91) (1,587.28) Decrease in revaluation surplus on investments (30.38) (765.81) Differences in translating the financial statements - 1.20 Retained earnings - Effects from income taxes 5,310.63 4,936.03 Statements of Comprehensive Income December 31, 2013 December 31, 2012 Increase (decrease) in income tax expenses (374.60) 160.58 Increase (decrease) in net profit 374.60 (160.58) Moreover, in 2013, the Bank changes the capital calculation framework from Basel II to Basel III regulations in compliance with the BOT’s Notifications. The Bank calculated Common Equity Tier 1 ratio to comply with Basel III regulations. The BOT requires commercial bank to maintain the minimum of the capital ratio at curtain level as follows: The minimum rate of its risk-weighted assets (RWA) Common Equity Tier 1 capital 4.50% Tier 1 capital 6.00% Total capital fund 8.50% Page 3 From 11 Management Discussion and Analysis 2013 Overview of Operating Results Krung Thai Bank PCL and subsidiaries’ operating profit before tax for 2013 was Bt 41,707 m, showing an increase of Bt 10,317 m or 32.87% compared to 2012. After deducting the Bt 7,778 m income tax expense, net income for 2013 amounted to Bt 33,929 m, showing an increase of Bt 10,563 m or 45.21% compared to 2012. Unit : Million Baht 2013 2012 Change (2013/2012) Amount (%) Operating profit before tax 41,707 31,390 10,317 32.87 Income tax expense 7,778 8,024 (246) (3.07) Net income 33,929 23,366 10,563 45.21 Table 1 Operating Results Net Interest Income Net interest income for 2013 was Bt 64,482 m, increased by Bt 6,360 m or 10.94% from 2012 due to the loan expansion. The Bank’s net interest margin (NIM) for 2013, based on earning assets, was 2.76% which decreased from 2.82% in 2012 by reason of the competition on the interest rate in the market. Unit : Million Baht 2013 2012 Change (2013/2012) Amount (%) Interest income 111,403 101,798 9,605 9.44 - Interbank and money market items 13,224 10,102 3,122 30.90 - Investments and trading transactions 190 191 (1) (0.52) - Investment in debt securities 6,596 6,696 (100) (1.49) - Loans 87,789 83,219 4,570 5.49 - Hire purchase and financial lease 3,584 1,570 2,014 128.28 - Others 20 20 - - Less Interest expense 46,921 43,676 3,245 7.43 - Deposits 28,809 23,580 5,229 22.18 - Interbank and money market items 4,004 4,603 (599) (13.01) - Contributions to Deposit Protection Agency 8,209 7,287 922 12.65 - Debts issued & Borrowings 5,894 8,203 (2,309) (28.15) - Others 5 3 2 66.67 Net interest income 64,482 58,122 6,360 10.94 Net interest margin [based on earning assets] * (%) 2.76 2.82 * excluding dividend income and fee from loan Table 2 Net Interest Income Page 4 From 11 Management Discussion and Analysis 2013 Net Fee and Service Income The Bank’s net fee and service income in 2013 was Bt 15,712 m, increased by Bt 2,048 m or 14.99% from 2012. Fee income growth was mostly attributable to the expansion of the Bank’s transaction which supported fee and service income. Unit : Million Baht 2013 2012 Change (2013/2012) Amount (%) Fee and service income 17,369 15,149 2,220 14.65 Less Fee and service expense 1,657 1,485 172 11.58 Net fee and service income 15,712 13,664 2,048 14.99 Table 3 Net Fee and Service Income Total Other Operating Income Total other operating income for 2013 was Bt 14,137 m, increased by Bt 4,027 m or 39.83% from 2012, mainly due to the gain on investments. The Bank had the special transactions in 2Q2013 which was a loss from the revaluation deficit on some investments. Also, the Bank realized gain from the maturity of its investment in VAYUPAKSA FUND in 4Q2013. Unit : Million Baht Change 2013 2012 (2013/2012) Amount (%) Gain (loss) on trading and exchange, net 4,581 3,917 664 16.95 Gain (loss) on investments, net 2,560 351 2,209 629.34 Share of profit (loss) from investments on equity method 3,238 1,778 1,460 82.11 Dividend income 2,028 1,311 717 54.69 Other income 1,730 2,753 (1,023) (37.16) Total other operating income 14,137 10,110 4,027 39.83 Table 4 Total Other Operating Income Page 5 From 11 Management Discussion and Analysis 2013 Other Operating Expenses The Bank’s other operating expenses for 2013 were Bt 40,313 m, increased by Bt 4,970 m or 14.06% from 2012 mainly from employee expenses.
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