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Bangkok Bank cranks up the profits

Bangkok Bank cranks up the profits

(28 April 2004 – Thailand) A booming economy has helped Thailand’s largest bank by assets, Bangkok Bank PCL, post a 74 percent rise in first-quarter net profit. Record low interest rates have ignited consumer spending and the Thai government expects the economy to grow solidly at eight percent this year.

Earlier this week, Krung Thai Bank reported a healthy first-quarter net profit, doubling its loan growth and investment gains.

Bangkok Bank beat out analyst predictions with a net profit of 3.32 billion baht (US$84.3 million), and analysts say there is more to come – particularly with the recouping of hybrid debt, which keeps the banks operating costs down.

The bank also announced that the solid profit performance was backed by improved net interest and an increase in fees.
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