TMB boosted by impressive quarterly earnings

business July 15, 2014 00:00

By The Nation

TMB Bank's share price has advanced by 3.15 per cent today thanks to the impressive second-quarter earnings which showed a 1202.2 per cent increase from the same period last year.

At 3pm, the share price rose by Bt0.08 to Bt2.62. 
TMB posted Bt2.57 billion in net profit in the second quarter, against Bt198 million in the same period last year. It attributed the performance to success in dealing with problem loans. 
The bank experienced a decrease in loan demand in the quarter. Though, it expected the situation to improve in the latter half of this year.
"The Thai economy has bottomed out and should show a recovery in the second half of this year," TMB said, expecting the annualised economic growth above 2 per cent.
At LH Financial Group, the owner of LH Bank, the quarterly earnings also rose, thanks to a continued increase in loan extension. The group showed a 4.21 per cent increase in the quarterly earnings, to Bt306.45 million. While interest income rose by 15.77 per cent compared to the same period last year, non-interest income plunged by 24.63 per cent.

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