(21 January 2005 – Thailand) Thai Military Bank has recovered from losses a year ago to post a full year net profit of THB1.05 billion for 2004.This contrasts with a loss of THB14.05 billion a year earlier.
The bank said the stronger 2004 performance was because loan loss provisions were lower, funding costs had fallen and that investment gains were high.
TMB, 49 percent of which is state owned, had been a target for ANZ before the Australian bank withdrew its interest.
TMB’s higher gains were caused by the sale of its shares in Thailand’s biggest oil refinery Thai Oil during its initial public offering in the fourth quarter of 2004.