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Photo courtesy of Geoff Greenwood.
Thailand banking system rallies to higher profits in 2021
Net profit is 23.6% higher compared to 2020.
Thailand’s banking system recorded a net profit of over $5.6b (THB 181b) in 2021, a 23.6% rise from the previous year, according to data from the Bank of Thailand (BOT).
Lower provisioning expenses—with banks having already set aside an elevated provision in 2020—and operating cost control contributed to the rise in profits. As a result, the return of asset ratio increased to 0.81% from 0.69% in the previous year.
However, the net interest margin decreased to 2.46% in 2021 from 2.63% in 2020. This is in line with the policy rate, financial assistance measures, and lower interest rate ceilings, according to BOT.
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