April 3, 2014 / 10:42 AM / in 4 years

Siam Commercial Bank aims for 2014 loan growth of 5-6 pct

BANGKOK, April 3 (Reuters) - Siam Commercial Bank, Thailand’s third-largest lender by assets, said on Thursday it aimed for loan growth of 5-6 percent this year, slower than last year‘s, due to a slowing economy and weak consumption hit by political unrest.

The forecast, in line with the overall bank sector, is based on the assumption that the economy will grow more than 2 percent this year, President Kannikar Chalitaporn told reporters after a shareholders’ meeting.

“We are quite cautious about the loan growth target given the country’s economic growth is slowing,” she said, adding the bank aimed to keep its bad debt at around 2.14 percent of total loans.

The bank’s loans grew by 12.1 percent in 2013. (Reporting by Manunphattr Dhanananphorn; Writing by Khettiya Jittapong; editing by Jason Neely)

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