FARMERS’ AID ON WAY
The Ministry of Finance expects to finalise measures to increase incomes for rice farmers over the next week after the Fiscal Policy Office and Bank for Agriculture and Agricultural Cooperatives were tasked with exploring ideas.
Somchai Sujjapongse, finance permanent secretary, said the measures would not impose too much of a fiscal burden, as they were based on the efficient use of funds
SET REBOUND SEEN
Analysts expect the Stock Exchange of Thailand Index (SET Index) to rebound in the second half of this year amid reduced external risks and consistent capital inflows.
Pornthep Jubandhu, senior vice-president for investment strategy at SCB Securities, forecast the bourse would stay above 1,500 points on eased concerns over North Korea and a recovery in big economies.
AEC Securities sees the index moving in a range of 1,410 to 1,641 points.
Four manufacturers interested in EV assembly here
Four manufacturers in Thailand and China are interested in setting up assembly plants for electric vehicles in this country, according to the Thailand Automotive Institute.
“The electric-vehicle industry is new to Thailand,” TAI director Vichai Jirathiyut said. “Time should be given for foreign investors to study details [of the Board of Investment requirements] for establishment of assembly plants and key parts plants [to qualify] for its investment promotional privileges. “This group of electric-vehicle makers is expected to take three months for the detailed study before applying for the BOI’s privileges.”
He said EV manufacturers could be lured to Thailand in the same way that makers of conventional vehicles were attracted here in the past. They would first be encouraged to set up assembly plants, with parts makers following later.
KBank, CIMB announce Q1 results
Kasikornbank and CIMB Thai have announced their financial results for the first quarter of this year.
Predee Daochai, president of KBank, said net profit for the first quarter of 2017 was Bt10.17 billion, an increase of 5.45 per cent over the same period of 2016.
The improvement was because net interest income increased by Bt888 million or 4 per cent. Net interest margin was 3.41 per cent. However, non-interest income decreased by Bt2.03 billion or 11.59 per cent, mostly because of decreases in net income from insurance premiums and revenue from capital-market products.
KBank has set aside allowances for impairment loss on loans in line with economic circumstances. Its cost-to-income ratio was 39.44 per cent in the quarter.
Meanwhile, CIMB Thai Bank’s unaudited financial results for the first quarter of this year show a 5.6-per-cent drop in its consolidated operating income to Bt3.12 billion from the year-earlier period.
The bank said its net profit fell by 63 per cent to Bt121.2 million from the first quarter of last year, attributed mainly to a 7-per-cent increase in provisions arising from rising non-performing loans.