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Thai banks busy provisioning

Thai banks busy provisioning

(Thailand) - Thai banks continue to deteriorate with weaker results for 2001 being reported due to heavy provisioning and losses in subsidiaries. Number 3 and 4 banks respectively - Thai Farmers Bank (TFB) and Siam Commercial Bank (SCB) - have both posted weaker profits in 2001 and well short of forecasts. TFB has come in at 1.0 billion baht, down 20.6 percent on 2000, with provisions totalling 4.2 billion baht and subsidiary losses brought to account of some 2.0 billion baht.

SCB has seen profits fall big time to 405 million baht from 2000's 3.56 billion baht, off the back of some 9.21 billion baht in provisioning.

Thailand's Krung Thai Bank has dropped to a net loss of 4.44 billion baht also flowing from aggressive provisioning against a profit of 76.26 billion baht, itself inflated through a write-back of provisions.

DBS Thai Danu Bank DTDB has tabled a net profit of 170 million baht relative to a net loss of 12.6 billion baht in 2000, after provisioning 120 million baht for the year.

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