Banks see growth in fees, service income

Signs of recovery in the Thai economy and stock market in the first quarter raised equity and mutual fund investment, as well as fee-based income for Thailand’s banking sector.

Ten SET-listed commercial banks reported combined fees and service income of 43.4 billion baht in the first quarter this year, up 3.41% quarter-on-quarter and 9.33% year-on-year from the same quarter last year.

Bangkok Bank, the country’s largest lender by total assets, reported double-digit growth in fees and service income on both a quarter-on-quarter and year-on-year basis, at 15.4% and 15.2%, respectively.

Kasikornbank booked 13.6% quarterly growth and 6.56% year-on-year growth from the same quarter last year.

Siam Commercial Bank (SCB) recorded a 8.16% decrease in fees and service income from the previous quarter, but it posted strong growth of 17.1% year-on-year.

Thanyalak…