By THE NATION
The outstanding performance was attributed to significantly higher non-interest income, and higher interest income, supported by a healthy loan growth of 8.7 per cent.
Its net profit increased to Bt32.7 billion, a 32-per cent jump from 2018. Excluding the one-off items in 2019, the normalised net profit for the year stood at Bt26.9 billion, a 8.6 per cent increase from 2018.
Krungsri President and Chief Executive Officer Seiichiro Akita said: "Notwithstanding the weakening operating environment, buoyed by the strong fundamentals, Krungsri delivered a record net profit of Bt32.7 billion, a 32 per cent increase from the year before. Loan growth was also robust at 8.7 per cent, exceeding the bank's target range of 6 - 8 per cent. These reflected the bank's agility in realigning our loan portfolio towards high-yield segments, thus moving Krungsri closer to the target optimal portfolio mix between retail and commercial loans at a 50:50 ratio".
Commenting on the overall business outlook for 2020, Akita said:" Despite the improved outlook on the global economy, uncertainties pertaining to trade tensions and geopolitical risks remain high. Continued accommodative monetary policy together with fiscal stimulus measures as well as the expected acceleration in public investment will provide support required to maintain Thailand's economic growth momentum for 2020 at around 2.5 per cent. Consequently, Krungsri prudently sets a loan growth target of 5 - 7 per cent for the year".