Bangkok Bank's profits rise 12 percent year-on-year

BANGKOK, July 20 (Reuters) - Thailand’s largest bank by assets, Bangkok Bank, on Thursday posted net profit of 8 billion baht ($238 million), a 12 percent increase from last year and in line with analysts expectations.

Bank earnings have stagnated in recent years as Thailand’s economy has lagged others in Southeast Asia, although the central bank this month raised its economic growth forecast for 2017 to 3.5 percent.

“With the Thai economy expected to expand at a modest rate amidst ongoing uncertainties over the global economic recovery, Bangkok Bank continues its prudent approach on financial management,” Bangkok Bank said in its statement.

Non-performing loans increased 10.5 percent from the last quarter to 3.7 percent of total loans, in line with expectations. ($1 = 33.6700 baht) (Reporting by Chayut Setboonsarng; Editing by Elaine Hardcastle)