Thai Banks Mostly Advance in Q1

Thailand’s banks reported their first quarter performance with most of them advancing.

In an infographic released by the Stock Exchange of Thailand, eight out of the ten analyzed banks have excelled while one has remained the same and another dropped drastically.

The ten banks have released a combined net profit report for the first quarter of 2017. In it, they announced the total net profit of 55.71 billion baht. All in all, it was an 8% increase compared to the performance in the same time of last year.

The top three in terms of net profit are Siam Commercial Bank (SCB), Kasikornbank (KBank), and Krungthai Bank which have 11.91 billion baht, 10.17 billion baht, and 8.53 billion baht respectively. Meanwhile, CIMB Thai Bank suffered the biggest loss with a 63% drop in net earnings compared to their performance in the same quarter of last year.

The chief executive officer and president of SCB, Arthid Nanthawithaya relayed the satisfaction of their firm with its performance for the first quarter in a press release. The 11.91 billion baht net profit of the banking firm was a 13% increase from last year’s performance in the same time period. According to Nanthawithaya, the increase can be attributed to the hike in net interest income, net fee, and service income. He laid out future plans in their press release saying, “We are focusing on developing staff capabilities so they can adapt to changes and respond to new business models and client needs in the future.”

Second placer KBank’s 10.17 billion baht net profit increased by 5.45% compared to last year’s first quarter performance. The president of the banking firm, Predee Daochai, expressed their positive outlook for this year. The higher interest income is the reason why his bank performed so well.

Most banks see a positive outlook for the rest of 2017.