KBank upbeat on economy after strong first half

Corporate August 11, 2017 01:00

By The Nation

Kasikornbank (KBank) continues to have confidence in the country’s economic growth in the second half of this year after the bank’s posted 8 per cent growth in total income for the first half.

 Executive vice president Suwat Techawatanawana told a press conference yesterday that the bank saw rises in loan growth to the energy, agri-processing and property sector in the first six months of the year. 

It expects the economy will continue to expand in the second half of this year, driven by public investment and exports that may add 4-6 per cent to large corporate loans and at least 3 per cent to total revenue. 

The first-half performance of KBank’s division catering to large corporate customers was “excellent”, the company said, with satisfactory growth year-on-year in outstanding loans of 8 per cent to Bt553.66 billion from Bt511.7 billion and 8 per cent in total income to Bt12.22 billion, of which interest income was Bt4.96 billion and fee income Bt5.98 billion. 

Significant growth was seen in the energy, agri-processing and property industries. 

In the power industry, demand for energy – especially renewable energy – in Thailand has surged and large investments have been made. 

Agri-processing and property both grew with key support from the food-processing business and property investments via such models as REITs and debentures, Suwat said.