Bangkok Bank reports a net profit of Baht 21,423 million for the first half of 2023

The Thai economy grew in Q2 2023 due to tourism, but is at risk from inflation, recession, and geopolitical tensions. Bangkok Bank saw increased profits in H1 2023.

Thai Economy Driven by Tourism, But Faces Risks

The Thai economy saw growth in the second quarter of 2023, largely due to an increase in foreign tourists boosting the tourism sector. This improvement in private confidence and consumption offset the dampened exports caused by subdued global demand. However, the Thai economy still faces risks from global economic uncertainties, including high and persistent inflation, a sluggish economy and recession in major economies, volatility in global financial markets, and prolonged geopolitical tensions. These risks need to be closely monitored going forward.

Challenges and Opportunities in the Global Economy

Despite the expansion of the Thai economy, the global economy remains uncertain due to financial market volatility and changes in the new global context emphasizing the environment, society, and governance (ESG). Businesses face challenges from increased competition and the need to meet ESG requirements. However, there are also opportunities from wider markets and digital technologies. Bangkok Bank recognizes these challenges and is working closely with customers to transform their businesses and enhance opportunities for international expansion.

Bangkok Bank Reports Strong Financial Performance

In the first half of 2023, Bangkok Bank and its subsidiaries reported a net profit of Baht 21,423 million, a 52.2 percent increase compared to the same period last year. This growth was primarily driven by a 36.0 percent increase in net interest income, higher yields on earning assets, and improved net interest margin. Net fees and service income remained steady, while operating expenses rose due to increased economic activities and efforts to improve operational efficiency. Bangkok Bank maintains a healthy financial position, high liquidity, and strong capital positions, ensuring sustainable growth.

Source : Bangkok Bank reports a net profit of Baht 21,423 million for the first half of 2023