Listed banks post net profit decline of 23% for 2020
Decrease attributed to the rise in ECLs
Large SET-listed commercial banks posted a decline of more than 23% in net profits last year, mainly attributed to allocation of higher amounts of expected credit losses (ECLs) to cushion against rising uncertainties amid the pandemic crisis.
Kasikornbank (KBank) and its subsidiaries reported total net profit of 29.5 billion baht last year, a decrease of 9.24 billion or 23.9% year-on-year.
The reduction is mainly due to setting aside higher ECLs in preparation for uncertainties from the prolonged pandemic, said chief executive Kattiya Indaravijaya in a statement to the Stock Exchange of Thailand (SET).
KBank, the largest commercial lender by assets in Thailand, set aside ECLs of 43.6 billion baht, up 23.9%…
