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Thailand's bank profits soar in Q3

Thailand’s bank profits soar in Q3

(19 October 2012 – Thailand) Four of Thailand’s banks reported strong third quarter earnings, with Siam Commercial Bank’s profits jumping by 20 percent. Net income for Siam Commercial increased to 10 billion baht (A$310 million) from 8.35 billion a year earlier.

TMB Bank reported a net profit for the third quarter of 1.44 billion baht, rising from 749.62 million baht in the same period of last year.

The strong growth was mainly supported by both interest and non-interest income, particularly a rise in net interest margin to 2.82 percent from 2.68 percent in the previous quarter and 2.49 percent in the third quarter last year.

Kiatnakin Bank posted a 7.9 percent increase in profit to 927.6 million baht as higher loan growth boosted interest income and fees.

Kiatnakin's profit will top 1 billion baht in the fourth quarter on the completion of a merger with Phatra Capital and continued loan growth.

LH Financial Group, the holding company of Land and Houses Bank, reported an unreviewed third-quarter net profit of 155 million baht, up 26 percent year-on-year.
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