Krung Thai Bank net profit up 79%

Krung Thai Bank's profits in the first quarter of 2011 is up 79% to 5,489 million baht.

It is an increase of 2,415 million baht from such quarter of last year, the highest quarterly profit in the Bank’s history.

Mr. Apisak Tantivorawong, President, Krung Thai Bank PCL. reveals the Bank’s turnover in the first quarter of 2011 that the main reasons of increasing profit are that net interest and dividend income up 28% to 2,470 million baht while its service and fee income has risen 17% to 394 million baht.

In this quarter, the bank has total credits of 1,301,249 million baht, an increase of 51,619 million baht, or 4% compared to the last quarter of 2010 while it gains total deposits of 1,295,485 million baht, an increase of 47,434 million baht or 4%. Non-performing loan quality has been better with Non-performing loan (NPL) stands at 67,875 million baht, decreasing by 8382 million baht or 11% compared with the previous year-end, enabling net NPL as of this March 2011 to decrease by 2.69%

The Bank recorded its net interest margin in this quarter, up 2.47% from 2.29% in the same quarter of last year. I/E ratio have declined, down 49% from 62%, and BIS ratio stands tall at 14.11%, which comprises 8.71% of first tier funds.

Tantivorawong added that the increase was largely based on key banking transactions which is a good foundation to accommodate growth in the future, especially, the growth rate of the Bank’s loan that is continuously expanding, and mostly comes from the growth of business loans in the private sector.

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Tags: business profits, net profit, highest quarterly profit