Listed banks’ profit hit 9-year low

Listed banks’ profit hit 9-year low

Decline attributed to impact of pandemic

This year’s aggregate net profit of SET-listed commercial banks is estimated at 144 billion baht, a nine-year low, attributed mainly to the pandemic impact, says Kasikorn Research (K-Research).

The estimate uses the Thai Financial Reporting Standards 9 (TFRS 9).

The combined net profit of SET-listed commercial banks was 254 billion baht in 2019, before TFRS 9 came into effect, according to K-Research.

It was reported in October that both the third-quarter and nine-month net profit of major SET-listed financial institutions saw a double-digit decline on a year-on-year basis as banks beefed up loan provisions to cushion against higher bad debt prospects.

For instance, Kasikornbank (KBank), the country’s largest commercial lender by total…