The local banking sector reported higher net profit for 2021 thanks to lower loan-loss provisions and improved operating profit, despite challenging economic conditions given the impact of the prolonged pandemic.
Nine SET-listed banks announced total consolidated net profit for 2021 of around 161 billion baht, up 32.7% year-on-year.
As of press time Krungthai Bank Plc had not reported its financial results.
The improved profit was supported by a continued reduction of loan-loss reserves, in line with Thailand’s recovering economy, although several uncertainties remain amid the prolonged pandemic.
CIMB Thai Bank (CIMBT) recorded net profit growth of 89.2% year-on-year in 2021, mainly attributed to better cost controls, resulting in an 8.1% decline in operating expenses and a 25.7% decrease in expected credit losses (ECLs), despite…
