Wednesday, August 21, 2019

Bank of Ayudhya a star performer in first half of year despite weak economy

Jul 20. 2019
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By The Nation

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Nine listed commercial banks have reported total net profit of Bt107.59 billion for the first half of this year, up 3.62 per cent year on year (YoY), according to their reports to the Stock Exchange of Thailand on Friday.

 

Bank of Ayudhya saw its net profit surge to Bt19.7 billion for the first half, a 58 per cent growth YoY. CIMB Thai recorded a net profit of Bt430 million for the first half, up 19.44 per cent YoY while Krungthai Bank had a net profit of Bt15.4 billion in the first half, up 6.73 per cent YoY.

Kiatnakin Bank reported a net profit of Bt2.69 billion in the first half, down 11.91 per cent YoY. Siam Commercial Bank reported a net profit Bt20.1 billion, down 10.43 per cent YoY while Kasikornbank reported net profit of Bt19.9 billion in the first half, down 7.88 per cent YoY.

Ronadol Numnonda, Bank of Thailand deputy governor for finance institutions’ stability, blamed the slow economic growth, lower demand for loans and reduction in fee income due to increasing use of digital banking by customers for the decline in profits of some commercial banks.

He, however, added that the performance of these banks may recover in the second half when the new government launches measures to lift the economy. In addition, a recovery in the global markets may boost the country’s exports.

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