Registered commercial banks’ profit hit 9-year low
Decline attributed to impact of pandemic
This year’s aggregate net profit of commercial banks registered in Thailand 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 registered 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…
