Net profit of top 10 Thai banks up 14% year-on-year

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CIMB Thai recorded the largest net profit gain by percentage points among the top 10 banks, at 211%. CIMB BANK

Ten major Thai commercial banks reported a combined net profit of more than 53 billion baht ($1.56 billion) in the first quarter of 2022, up 14.4% from the same period last year.

The increase is attributable to higher interest income from new loans and a lower coverage rate for non-performing loans.

These 10 banks reported net profit totaling 53.3 billion baht in the first quarter, up 6.7 billion baht from the same period last year.

CIMB Thai’s net profit was 1.1 billion baht, a 211 percent jump from the first quarter of last year. This is the largest percentage point gain among the Big 10 banks.

Krungthai Bank came second with a net profit up 57.4%, followed by Kiatnakin Phatra Bank with a gain of 40.5%, TMB Thanachart (14.8%), Bank of Ayudhya (14%), Kasikornbank ( 5.4%), Bangkok Bank (2.8%), Tisco Bank (1.8%) and Siam Commercial Bank (1%) while its net profit rose to 10.2 billion baht.

However, LH Financial Group, which manages LH Bank, posted an 8.7% decline in net profit, earning 511 million baht in the first quarter, from 560 million baht in the same period last year.

THE NATION (THAILAND)/ASIA NEWS NETWORK

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