SET-listed banks experienced a 12% year-on-year increase in profits in the third quarter of this year. This growth was driven by higher fee-based income, even though interest income declined and loans contracted.
Photo Credit: Bangkok Post
In Q3, 11 Thai banks posted a combined profit of 73.3 billion baht, up 11.6%. Land and Houses Financial saw the highest growth, while CIMB Thai’s profit declined. Among the six key banks, Krungthai Bank led with 14.6 billion baht, up 25%. Profit growth was mainly from non-interest income, despite a 7.69% drop in net interest income due to rate cuts. Total loans fell 1.36% to 13.1 trillion baht, with Krungsri as the only bank to report loan growth.