Krung Thai Bank Q1 net profit down 2 pct, tops forecast
BANGKOK, April 21
BANGKOK, April 21 (Reuters) - Thailand's second-largest lender, Krung Thai Bank, reported a 2 percent drop in quarterly net profit on Monday, mainly due to a lack of dividend income from the state Vayupak fund and higher provisions related to a weaker economic outlook.
The state-controlled bank posted a net profit of 8.3 billion baht ($258 million) in the January-March quarter, down from 8.55 billion baht a year earlier. That compared with an 8 billion baht average forecast by nine analysts polled by Reuters.
Thailand's biggest state bank has cut its loan growth target to 4.5 percent this year to reflect the weaker economic outlook and the impact from prolonged political unrest.
Shares in Krung Thai Bank, valued at $8.5 billion, have fallen nearly 20 percent in the past 12 months, making them the worst performer among major Thai banks. The sector index fell 8 percent in the same period. ($1 = 32.1750 Thai Baht) (Reporting by Khettiya Jittapong; editing by Jane Baird)