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Krung Thai Bank Q2 net profit up 15.7 pct, below forecast
July 21, 2014 / 5:57 AM / 3 years ago

Krung Thai Bank Q2 net profit up 15.7 pct, below forecast

BANGKOK, July 21 (Reuters) - Krung Thai Bank Pcl, Thailand’s second-largest lender, reported a 15.7 percent rise in second-quarter net profit, falling short of forecasts despite increasing its loans business and non-interest income.

The country’s largest state bank, majority owned by the government, said April-June net profit rose to 7.54 billion Thai baht ($236 million) from 6.51 billion baht a year earlier, when it booked an investment loss of 890 million baht.

That was below an average forecast of net profit of 8.57 billion baht, according to 12 analysts polled by Reuters.

The bank set aside an additional loan loss provision of 3 billion baht, raising total provisions for bad debts to 5.36 billion baht in the second quarter, it said in a statement.

The government owns 55 percent of Krung Thai Bank through the Financial Institutions Development Fund, a unit of the Thai central bank.

$1 = 31.9900 Thai Baht Reporting by Khettiya Jittapong; Editing by Kenneth Maxwell

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