Thai banks enjoy higher net profits in Q3

BANGKOK, Oct 21 (TNA) – All domestic commercial banks in Thailand excepting Siam City Bank enjoyed combined net profits in the third quarter of this year of Bt22.9 billion, up Bt1.14 billion or 5.25 per cent from the same quarter last year, according to a Stock Exchange of Thailand (SET) report.

The Bank of Ayudhya (BAY) became the top gainer with a net profit surge by Bt1.16 billion or 114.04 per cent to Bt2.18 billion from Bt1.02 billion in the same quarter the year before, followed by Asia Credit Bank with a net profit of Bt243.57 million, up Bt108.96 million or 80.84 per cent from Bt134.61 million.

Bangkok Bank came third with a net profit of Bt5.07 billion, up Bt753.18 million or 17.45 per cent from Bt4.32 billion, followed by Kiatnakin Bank with a net profit of Bt742 million, up Bt68.78 million or 10.20 per cent from Bt674.17 million, Krung Thai Bank with Bt4.25 billion, up Bt367.70 million or 9.47 per cent from Bt3.88 billion, Siam Commercial Bank earned a net profit of Bt5.19 billion, up Bt373.19 million or 7.73 per cent from Bt4.83 billion.

The banks earned combined net profits of Bt61.39 billion baht, down Bt4.17 billion or 6.36 per cent from Bt65.56 billion in the first nine months of this year.

BAY President & CEO Tan Kong Khoon said the significant increase in the bank’s net third quarter profit stemmed from a surge by 135 per cent in non-interest income.

Although total loans remained unchanged due to the economic slowdown, the bank enjoyed the hefty net profit in the third quarter.

The improved performance underlined his bank’s efforts to receive attractive returns from outside business growth opportunities such as acquisitions of businesses, he said. (TNA) – E005