A Kiatnakin Phatra Bank branch. The bank expects that its 2023 credit cost will increase to 2.2% from 2.1% last year.
Kiatnakin Phatra Financial Group, a holding company of Kiatnakin Phatra Bank (KKP), aims to slow down total loan growth for this year to handle the higher risk of rising financial costs and the global recession.
Aphinant Klewpatinond, the group’s chief executive, said KKP has set total loan growth for 2023 at 13%, down from last year’s 21.4% tally.
The lower loan growth target is mainly due to the higher risk of high inflation, rising interest rates and the global recession, which will have a wide impact on all customer groups and credit quality.
The bank also expects that its 2023 credit cost will increase to…
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