Kiatnakin's earning down 7.5% on year
Kiatnakin Bank showed a 7.5 per cent drop in quarterly result, though loans in the first quarter expanded by 7 per cent.
It reported the first-quarter net profit of Bt577 million, which declined from the same period last year due to lower net interest margin. The outstanding loans stood at Bt145.3 billion, boosted by financing demand for brand-new and second-hand vehicles.
Chavalit Chindavanig, head of Finance and Budgeting of Kiatnakin Bank, said that the bank expects the annualised loan growth to expand 21 per cent this year.
Hire-purchase loans now accounted for Bt110.85 billion or 76.3 per cent of total loan portfolio. Its business loans, mainly to property and SME business, totalled Bt32.3 billion or 22.3 per cent. Kiatnakin financed its lending operations mainly through deposits (44 per cent), bill of exchange (36 per cent) and debentures (12 per cent).
Kiatnakin's shareholders will convene on April 26, to approve the bank's proposed merger with Phatra Capital Plc.
