Krungsri sees FX profits rise 21% in Q1

Digital FX transactions is 64% higher year-to-date.

Bank of Ayudhya (Krungsri) saw a 13% year-on-year (YoY) increase in foreign exchange transaction volumes in Q1.

Profit from trading and foreign exchange transactions rose to $158.4m (THB5.73b) in Q1, a 21% rise compared to Q1 2023, said Hirotaka Kuroki, Krungsri head of global markets group.

Krungsri Global Markets has expanded its foreign exchange currencies over the past 2-3 years. New additions include the UAE dirham (AED) in 2024. South African rand (ZAR) and Vietnamese dong (VND) were introduced earlier in 2023.

Expanded digital services also drove online foreign currency transaction volumes. The number of FX@Krunsgri e-platform transactions rose 66% YoY in H1 2024, after a 129% YoY increase in 2023.

Foreign exchange (FX) transactions executed via FX@Krungsri jumped 54% year-to-date compared to a year earlier. 

Retail customer transactions conducted through the KMA krungsri app– which facilitates convenient international money transfers in up to 15 currencies– processed over 35,000 transactions in 2023.

(US$1 = THB36.19)