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Thailand's Bangkok Bank Q2 net profit down 12 pct
July 17, 2014 / 10:32 AM / 3 years ago

Thailand's Bangkok Bank Q2 net profit down 12 pct

BANGKOK, July 17 (Reuters) - Bangkok Bank Pcl reported a 12 percent drop in second quarter net earnings on Friday as domestic political unrest and an economic slowdown hurt loan growth, especially from corporate clients.

Net profit was 9.03 billion baht ($280.87 million) for the April-June period, higher than the average 8.66 billion baht forecast by 13 analysts polled by Reuters. This compared with 10.25 billion baht profit a year earlier and 8.96 billion baht in the previous quarter.

Despite weak earnings in the first half due to the impact from a weak economy, loan growth is expected to pick up the second half of this year and accelerate in 2015 on hopes of economic recovery.

In June, the Bank of Thailand said the country’s economy would avoid recession during April-June and said gross domestic product to rise up more than 1 percent from the previous three months.

$1 = 32.15 Thai baht Reporting by Khettiya Jittapong; Editing by Matt Driskill

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