January 8, 2014 / 4:38 AM / 4 years ago

Thai Kasikornbank cuts 2014 loan growth target due to weak economy

BANGKOK, Jan 8 (Reuters) - Thailand’s fourth-largest lender, Kasikornbank, has cut its 2014 loan growth target to 9 percent from 9-11 percent because the country’s economy looks like growing less than expected, hit by a continuing political crisis.

But the bank expected its 2014 net profit to rise more than 10 percent due to that loan growth and higher fee income, President Teeranun Srihong told reporters late on Tuesday.

“We have reviewed our business plan to reflect the higher risk from domestic political factors,” Teeranun said, adding the crisis will hit investment in both the public and private sectors.

The economy is expected to grow only 3.6-3.7 percent this year rather than an earlier forecast of 4.5 percent, he said.

Reporting by Manunphattr Dhanananphorn; Writing by Khettiya Jittapong; Editing by Alan Raybould

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