Krung Thai Bank Q1 net profit down, below forecast

22-Apr-2009 Intellasia | Reuters | 7:01 AM Print This Post

State-run Krung Thai Bank PCL KTB.BK, Thailand’s second-largest lender, posted a bigger-than-expected 39% fall in quarterly net profit on Monday, dragged down by an absence of investment gains and weaker net margins.

Its quarterly net profit excluding subsidiaries was 2.51 billion baht (US$71 million), well below the forecast of 3.31 billion from nine analysts polled by Reuters Estimates and compared with 4.14 billion baht a year earlier.

Full-year 2009 net profit is forecast to fall 24.6% to 9.25 billion baht, according to the average of 16 analysts polled by Reuters Estimates, due to rising bad debt charges as the economic downturn could trigger loan quality problems.

Shares in Krung Thai, which is about 60%-owned by the government and valued at about US$1.7 billion on the Thai bourse, rose 19.5% in the January-March period, outperforming a 4.1% drop of the benchmark SET index.SETI.

 


Category: Thailand

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