April 17, 2014 / 8:46 AM / 4 years ago

Thai TMB Bank cuts 2014 loan growth target after weak Q1

BANGKOK, April 17 (Reuters) - Thailand’s TMB Bank cut its 2014 loan growth target to between 6 percent and 8 percent, saying it was becoming more cautious as political tensions raise concerns about the economy.

TMB Bank, the country’s seven-largest lender, had previously forecast loan growth of 8 percent for the year. Its first-quarter loan portfolio, however, grew only 0.3 percent from the previous quarter, leading to the revision of the outlook, Chief Executive Boontuck Wungcharoen said in a statement.

Earlier, the bank reported a 12 percent drop in its first quarter net profit. Profit fell to 1.6 billion baht ($49.6 million) for the January-March quarter from 1.8 billion baht a year earlier, with non-performing loan at 3.85 percent of total, down from 3.87 percent at the end of last year.

TMB Bank is 31 percent owned Dutch financial service company ING Groep. ($1 = 32.2675 Thai Baht) (Reporting by Khettiya Jittapong; Editing by Miral Fahmy)

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