Big Thai banks’ Q1 profits fall 13-39 percent
Thailand’s four leading banks similarly posted falls in net profit during the first quarter of this year, ranging from 13.5 to 39 percent, due to global economic crisis and low income.
Bangkok Bank (BBL), the country’s biggest lender with 1.68 trillion baht of assets, yesterday reported a 13.5 percent fall in the quarterly net profit to nearly 4.87 billion baht from 5.63 billion baht during the first quarter last year.
At the end of the first quarter, BBL had total deposits of about 1.34 trillion baht, an increase of 27.4 billion baht or 2.1 percent over the three month period while the outstanding loans dropped by 3.6 percent to 1.13 trillion baht.
In the quarter, the bank’s gross non-performing loans (NPLs) rose to 4.75 percent of loans from 4.62 percent at the end of 2008 as the bank has set aside provisioning expenses of 1.96 billion baht, resulting in the total loan loss reserves to 60.9 billion at the end of March.
State-run Krung Thai Bank (KTB), Thailand’s second-largest lender with 1.40 trillion baht of assets, saw its quarterly net profit fall sharply by 39.3 percent or about 1.63 billion baht to 2.51 billion baht, compared with that of the same period last year.
At the end of March, KTB had the total deposits of some 1.11 billion baht, an increase of 50.78 billion baht or 4.77 percent from the end of December 2008 while the total loans were 1.06 billion baht, an increase of 17.44 billion baht or 1.67 percent from December last year.
The bank’s NPLs during the quarter rose 6.25 percent to nearly 90.52 billion from the end of last year.
The third-largest lender Siam Commercial Bank (SCB) reported an 18 percent fall in quarterly net profit to 5.55 billion baht in the quarter from the same period last year while the fourth-largest Kasikornbank (KBANK) saw a 14 percent drop in quarterly net profit to nearly 3.8 billion baht from 4.44 billion baht a year earlier.
On contrary, the fifth-largest Bank of Ayudhya (BAY), 33 percent owned by GE Capital International Holding Corp, today announced a net profit of 1.03 billion baht for the first quarter, a 21 percent growth as compared to the fourth quarter last year and a flat growth when compared to the same period last year.
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