Bangkok Bank Q3 net profit up 21 pct, surpasses estimates
BANGKOK Oct 17 (Reuters) - Bangkok Bank Pcl, Thailand's largest lender by assets, reported a 21 percent rise in quarterly net profit, beating estimates, as higher fee and non-interest income offset slower loan growth.
Net profit rose to 8.95 billion baht ($286 million) in July-September from 7.4 billion baht a year earlier, the bank said on Thursday. That compares with the average forecast of 8.8 billion baht in a Reuters poll of 11 analysts.
Compared with the previous quarter, net profit fell 13 percent, as slower loan growth and higher operating costs reduced interest income.
Many analysts recently cut their earnings growth forecasts for Thai banks to reflect the country's weaker economic outlook. But in the longer term, the sector is expected to benefit from demand for funding as the government and private sector invest in infrastructure projects.
Shares in Bangkok Bank, valued at $12.5 billion, have risen 9 percent in the past 12 months, underperforming a 14 percent gain on the main Thai index. ($1 = 31.2700 Thai baht) (Reporting by Khettiya Jittapong; Editing by Ryan Woo)
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