Bank of Ayudhya PCL (BAY) - Net Assets

Latest as of March 2026: ฿449.80 Billion THB ≈ $14.02 Billion USD

Based on the latest financial reports, Bank of Ayudhya PCL (BAY) has net assets worth ฿449.80 Billion THB (≈ $14.02 Billion USD) as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (฿2.61 Trillion ≈ $81.26 Billion USD) and total liabilities (฿2.16 Trillion ≈ $67.24 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check BAY tangible net worth ratio to evaluate the tangible quality of the company's equity base.

Key Net Assets Metrics

Metric	Value
Current Net Assets	฿449.80 Billion
% of Total Assets	17.25%
Annual Growth Rate	14.33%
5-Year Change	38.29%
10-Year Change	110.8%
Growth Volatility	30.07

Bank of Ayudhya PCL - Net Assets Trend (2000–2025)

This chart illustrates how Bank of Ayudhya PCL's net assets have evolved over time, based on quarterly financial data. See defensive interval ratio of Bank of Ayudhya PCL to measure how many days the company can operate on defensive assets alone.

Annual Net Assets for Bank of Ayudhya PCL (2000–2025)

The table below shows the annual net assets of Bank of Ayudhya PCL from 2000 to 2025. For live valuation and market cap data, see market cap of Bank of Ayudhya PCL.

Year	Net Assets	Change
2025-12-31	฿440.09 Billion ≈ $13.72 Billion	+11.19%
2024-12-31	฿395.81 Billion ≈ $12.34 Billion	+6.56%
2023-12-31	฿371.45 Billion ≈ $11.58 Billion	+8.69%
2022-12-31	฿341.76 Billion ≈ $10.65 Billion	+7.39%
2021-12-31	฿318.24 Billion ≈ $9.92 Billion	+10.05%
2020-12-31	฿289.18 Billion ≈ $9.01 Billion	+6.27%
2019-12-31	฿272.12 Billion ≈ $8.48 Billion	+11.65%
2018-12-31	฿243.72 Billion ≈ $7.60 Billion	+7.85%
2017-12-31	฿225.99 Billion ≈ $7.04 Billion	+8.25%
2016-12-31	฿208.77 Billion ≈ $6.51 Billion	+9.45%
2015-12-31	฿190.75 Billion ≈ $5.95 Billion	+44.87%
2014-12-31	฿131.67 Billion ≈ $4.10 Billion	+8.32%
2013-12-31	฿121.55 Billion ≈ $3.79 Billion	+7.20%
2012-12-31	฿113.39 Billion ≈ $3.53 Billion	+10.42%
2011-12-31	฿102.70 Billion ≈ $3.20 Billion	+3.62%
2010-12-31	฿99.10 Billion ≈ $3.09 Billion	+7.04%
2009-12-31	฿92.59 Billion ≈ $2.89 Billion	+7.27%
2008-12-31	฿86.31 Billion ≈ $2.69 Billion	+10.56%
2007-12-31	฿78.07 Billion ≈ $2.43 Billion	+65.59%
2006-12-31	฿47.15 Billion ≈ $1.47 Billion	+16.77%
2005-12-31	฿40.37 Billion ≈ $1.26 Billion	+21.82%
2004-12-31	฿33.14 Billion ≈ $1.03 Billion	-20.75%
2003-12-31	฿41.82 Billion ≈ $1.30 Billion	+144.75%
2002-12-31	฿17.09 Billion ≈ $532.57 Million	+11.66%
2001-12-31	฿15.30 Billion ≈ $476.95 Million	-1.10%
2000-12-31	฿15.47 Billion ≈ $482.24 Million	--

Equity Component Analysis

This analysis shows how different components contribute to Bank of Ayudhya PCL's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have grown by 27962342200000.0% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	฿279.62 Billion	67.42%
Common Stock	฿73.56 Billion	17.73%
Other Comprehensive Income	฿7.57 Billion	1.83%
Other Components	฿54.01 Billion	13.02%
Total Equity	฿414.76 Billion	100.00%

Bank of Ayudhya PCL Competitors by Market Cap

The table below lists competitors of Bank of Ayudhya PCL ranked by their market capitalization.

Company	Market Cap
Ackermans & Van Haaren NV BR:ACKB	$8.78 Billion
AZUL SA PFD ADR 1 F:8AZA	$8.79 Billion
Zions Bancorporation NASDAQ:ZION	$8.79 Billion
Agree Realty Corporation NYSE:ADC	$8.80 Billion
Dongguan Dingtong Precision Metal Co. Ltd. A SHG:688668	$8.76 Billion
ViaSat Inc NASDAQ:VSAT	$8.76 Billion
CareTrust REIT Inc. NYSE:CTRE	$8.76 Billion
Wuhan Jingce Electronic Technology Co Ltd SHE:300567	$8.75 Billion

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Bank of Ayudhya PCL's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 392,007,454,000 to 414,761,844,000, a change of 22,754,390,000 (5.8%).
Net income of 31,738,438,000 contributed positively to equity growth.
Dividend payments of 6,252,398,000 reduced retained earnings.
Other comprehensive income decreased equity by 3,992,379,000.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	฿31.74 Billion	+7.65%
Dividends Paid	฿6.25 Billion	-1.51%
Other Comprehensive Income	฿-3.99 Billion	-0.96%
Other Changes	฿1.26 Billion	+0.3%
Total Change	฿-	5.80%

Book Value vs Market Value Analysis

This analysis compares Bank of Ayudhya PCL's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 0.68x
The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
The price-to-book ratio has decreased from 3.76x to 0.68x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2003-12-31	฿10.16	฿38.25	x
2004-12-31	฿8.02	฿38.25	x
2005-12-31	฿9.63	฿38.25	x
2006-12-31	฿12.96	฿38.25	x
2007-12-31	฿13.94	฿38.25	x
2008-12-31	฿14.64	฿38.25	x
2009-12-31	฿15.21	฿38.25	x
2010-12-31	฿16.28	฿38.25	x
2011-12-31	฿16.87	฿38.25	x
2012-12-31	฿18.64	฿38.25	x
2013-12-31	฿19.97	฿38.25	x
2014-12-31	฿21.60	฿38.25	x
2015-12-31	฿25.93	฿38.25	x
2016-12-31	฿28.30	฿38.25	x
2017-12-31	฿30.61	฿38.25	x
2018-12-31	฿32.99	฿38.25	x
2019-12-31	฿36.81	฿38.25	x
2020-12-31	฿39.09	฿38.25	x
2021-12-31	฿43.17	฿38.25	x
2022-12-31	฿46.35	฿38.25	x
2023-12-31	฿50.09	฿38.25	x
2024-12-31	฿53.29	฿38.25	x
2025-12-31	฿56.39	฿38.25	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Bank of Ayudhya PCL utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): 7.65%
The company has moderate efficiency in generating returns from equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 17.09%
• Asset Turnover: 0.07x
• Equity Multiplier: 6.38x
Recent ROE (7.65%) is below the historical average (9.00%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2002	12.53%	9.01%	0.05x	27.71x	฿428.21 Million
2003	7.34%	13.49%	0.04x	12.61x	฿-1.10 Billion
2004	14.24%	18.98%	0.04x	17.53x	฿1.39 Billion
2005	15.28%	19.31%	0.05x	16.45x	฿2.08 Billion
2006	3.59%	3.71%	0.07x	14.37x	฿-2.97 Billion
2007	-5.12%	-10.26%	0.06x	8.38x	฿-11.77 Billion
2008	4.99%	8.86%	0.06x	8.68x	฿-4.32 Billion
2009	7.21%	12.81%	0.07x	8.44x	฿-2.58 Billion
2010	8.89%	13.15%	0.08x	8.79x	฿-1.10 Billion
2011	9.04%	12.86%	0.08x	9.25x	฿-984.56 Million
2012	12.92%	17.73%	0.08x	9.47x	฿3.30 Billion
2013	9.78%	13.08%	0.08x	9.73x	฿-262.97 Million
2014	10.80%	15.04%	0.08x	9.23x	฿1.05 Billion
2015	9.79%	17.75%	0.06x	8.96x	฿-401.33 Million
2016	10.28%	19.39%	0.06x	9.05x	฿586.10 Million
2017	10.31%	19.10%	0.06x	9.28x	฿696.22 Million
2018	10.23%	18.38%	0.06x	8.96x	฿548.93 Million
2019	12.09%	23.54%	0.06x	8.71x	฿5.67 Billion
2020	8.01%	17.39%	0.05x	9.07x	฿-5.71 Billion
2021	10.64%	26.93%	0.05x	7.87x	฿2.04 Billion
2022	9.01%	23.66%	0.05x	7.73x	฿-3.38 Billion
2023	8.94%	19.40%	0.06x	7.51x	฿-3.92 Billion
2024	7.58%	15.51%	0.07x	6.68x	฿-9.50 Billion
2025	7.65%	17.09%	0.07x	6.38x	฿-9.74 Billion

Industry Comparison

This section compares Bank of Ayudhya PCL's net assets metrics with peer companies in the Banks - Regional industry.

Industry Context

Industry: Banks - Regional
Average net assets among peers: $113,715,828,696
Average return on equity (ROE) among peers: 9.57%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Bank of Ayudhya PCL (BAY)	฿449.80 Billion	12.53%	4.80x	$8.77 Billion
Bangkok Bank PCL (BBL)	$166.64 Billion	11.53%	8.56x	$10.47 Billion
CIMB Thai Bank Public Company Limited (CIMBT)	$181.46 Billion	-3.82%	0.13x	$401.59 Million
Kasikornbank Public Company Limited (KBANK)	$27.44 Billion	3.67%	27.23x	$15.21 Billion
Kiatnakin Phatra Bank Public Company Limited (KKP)	$51.16 Billion	12.35%	7.52x	$2.34 Billion
Kiatnakin Phatra Bank Public Company Limited (KKP-R)	$40.52 Billion	13.69%	4.77x	$1.54 Billion
Krung Thai Bank Public Company Limited (KTB)	$355.06 Billion	4.71%	8.37x	$15.90 Billion
SCB X Public Company Limited (SCB)	$76.66 Billion	16.25%	8.74x	$14.90 Billion
The Siam Commercial Bank Public Company Limited (SCB-R)	$111.82 Billion	15.52%	9.42x	$13.22 Billion
TISCO Financial Group Public Company Limited (TISCO)	$12.68 Billion	12.19%	5.68x	$2.94 Billion

About Bank of Ayudhya PCL

BK:BAY Thailand Banks - Regional

Market Cap

$8.77 Billion

฿281.36 Billion THB

Market Cap Rank

#2488 Global

#19 in Thailand

Share Price

฿38.25

Change (1 day)

+0.00%

52-Week Range

฿20.90 - ฿38.50

All Time High

฿41.79