BANGKOK, April 9 (Reuters) - Thailand’s fifth-largest lender, Bank of Ayudhya, said it has cut its 2014 loan growth target to 7-9 percent from a previous estimate of 9 percent, to reflect weaker economic outlook and the impact of domestic political unrest.
The projection was based on assumption that the country’s economy will grow at 2.5-3.0 percent this year, Chief Executive Noriaki Goto told reporters after a shareholders’ meeting on Wednesday.
“In the first quarter, our loan growth is in line with target. But we are unsure about the outlook in the second to fourth quarters due to the political uncertainty and the economy,” he said.
The bank, 72 percent owned by Japan’s Mitsubishi UFJ Financial Group, planned to tap large Japanese businesses and aimed to keep its non-performing loan at 2.5 percent of total lending this year, he said. (Reporting by Manunphattr Dhanananphorn; Writing by Khettiya Jittapong; Editing by Muralikumar Anantharaman)