Four Thai banks report strong Q3 earnings

Four of Thailand's banks reported robust profits for the third quarter.

Siam Commercial Bank's jumped 20% in the third quarter, with net income increasing from 10 billion baht from 8.35 billion baht a year earlier, on the strength of post-flood loan demand.

TMB Bank reported a net profit for the third quarter of 1.44 billion baht, rising 91.63% from 749.62 billion baht in the same period of last year.

The strong growth was mainly supported by both interest and non-interest income, particularly a rise in net interest margin to 2.82% from 2.68% in the previous quarter and 2.49% in the third quarter last year.

Kiatnakin Bank posted a 7.9% increase in profit to 927.6 million baht as higher loan growth boosted interest income and fees.

Kiatnakin's profit will top 1 billion baht in the fourth quarter on the completion of a merger with Phatra Capital and continued loan growth.

Kiatnakin last month completed the acquisition of Phatra Capital, a brokerage, through a share swap. The merger helped boost brokerage fees by 46%.

LH Financial Group, the holding company of Land and Houses Bank, reported an unreviewed third-quarter net profit of 155 million baht, up 26% year-on-year.

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