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Provision for reserve fund cuts into KTB profits in third quarter

Published October 19, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30377554

Provision for reserve fund cuts into KTB profits in third quarter

Oct 19. 2019
Payong Srivanich

Payong Srivanich
By THE NATION

131 Viewed

Krungthai Bank (KTB)’s third-quarter profits slumped by 18.9 per cent, the bank’s president and executive director Payong Srivanich said on Friday.

“KTB had a net profit of Bt6.35 billion, down 18.9 per cent from the same period last year,” he said. He explained that the reason for the lower net profit was the bank’s setting aside of Bt2.37 billion as reserve fund for employees who wished to retire early.”

Payong was referring to the latest State Enterprise Labour Committee’s announcement that requires state enterprises to pay early retirement package equal to 400 days of wages to employees who had been working more than 20 years. The regulation came into effect at the start of the third quarter.

“If we were to exclude the provision for the reserve fund, KTB’s profit actually increased by 5.3 per cent from last year,” said Payong. “Our operational revenue reached Bt94.02 billion, a 7.1 per cent increase over last year, while revenue from loans rose by 5.6 per cent over last year.”

Payong also added that as of September 30, KTB’s coverage ratio increased from 125.74 per cent as of the end of last year to 128.07 per cent. The nonperforming loans (NPL) gross ratio is at 4.58 per cent while NPLs ratio-net is at 1.92 per cent. “These numbers point to our strong standing in keeping with the standards set by the Bank of Thailand,” he said.

 

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TBank announces net profit of over Bt4 bn in 3Q

Published October 19, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30377539

TBank announces net profit of over Bt4 bn in 3Q

Oct 18. 2019
Praphan Anupongongarch, TBank’s chief executive officer

Praphan Anupongongarch, TBank’s chief executive officer
By THE NATION

870 Viewed

Thanachart Bank Plc (TBank) reported a consolidated net profit of Bt4.054 billion for the third quarter of 2019, showing 12.86 per cent improvement from the previous quarter.

Praphan Anupongongarch, TBank’s chief executive officer and president, said the bank and its subsidiaries have delivered record bottomline results in the third quarter of this year.

For the nine months ending September 30, the bank’s consolidated net profit was Bt11.296 billion, improving 1.40 per cent year-on-year, while pre-tax earnings grew 11.40 per cent.

The continued improvement was mainly attributabed to the expansion and diversification of revenue streams, combined with prudent risk and expense management.

Bangkok Bank net profits go beyond Bt9 bn in third quarter

Published October 19, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30377538

Bangkok Bank net profits go beyond Bt9 bn in third quarter

Oct 18. 2019
By THE NATION

978 Viewed

Bangkok Bank and its subsidiaries posted net profits worth Bt9.438 billion for the third quarter of this year, marking a 4.5 per cent increase from the same period last year.

The earnings were mainly from a 9.6-per-cent rise in net fees and service income, driven by higher fees from Bancassurance and mutual funds in line with the bank’s strategic intent.

Net income from interest dropped slightly by 1.7 per cent due to a contraction in loans, while the net interest margin stood at 2.35 per cent.

The bank has continued to focus on prudent control over credit underwriting and risk-management to ensure loan quality and maintain appropriate allowance for doubtful accounts.

Snack maker Erb-Im focuses on OEM deals to enter foreign markets

Published October 19, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30377537

Snack maker Erb-Im focuses on OEM deals to enter foreign markets

Oct 18. 2019
Utai Rungkam

Utai Rungkam
By THE NATION

828 Viewed

Erb-Im, the producer and distributor of processed mushroom and crispy chilli snacks, will focus more on manufacturing on an original equipment manufacturer (OEM) basis, so its products are promoted overseas.

The company’s executive Utai Rungkam told Thansetakij newspaper that Erb-Im’s chili snacks are already earning a following in foreign countries, adding that traders from the US, Cambodia, China and India have also approached the company.

She added that the company will promote its products online as well as sell through modern trade outlets. Its snack products are currently available in major supermarkets retail stores such as Big-C and Tops.

Currently, 80 per cent of the company’s total revenue comes from OEM and the rest from the Erb-Im brand. She expects a total revenue growth of 30 per cent this year, thanks to a greater focus on OEM and online sales.

Alibaba launches Thai news portal

Published October 19, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30377535

Alibaba launches Thai news portal

Oct 18. 2019
By THE NATION

813 Viewed

Alibaba Group on Friday (October 18) officially launched “AlibabaNews Thai”, a news portal in the Thai-language (https://th.alibabanews.com) for those interested in learning about the Alibaba Group and the wider Alibaba ecosystem.

According to its statement, Thailand is an important market on Alibaba’s globalisation journey, and it aspires to keep people in Thailand abreast of its developments. It also aims to present news and articles that readers may find inspiring and helpful.

Apart from Alibaba’s corporate announcements and business moves in China, Thailand and elsewhere, the site will cover trends and innovations that Alibaba plays a part in driving to contribute to the digital transformation of businesses, industries and societies.

All articles and videos posted on AlibabaNews Thai can be republished and re-used free of charge, the statement added.

Krungsri posts 40.7 per cent growth in net profit for first nine months

Published October 19, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30377530

Krungsri posts 40.7 per cent growth in net profit for first nine months

Oct 18. 2019
Krungsri president and CEO Seiichiro Akita

Krungsri president and CEO Seiichiro Akita
By THE NATION

791 Viewed

Bank of Ayudhya (Krungsri) and its business units posted Bt26.3 billion in net profit for the first nine months of the year , increasing 40.7 per cent year on year.

The strong performance was attributed to significantly higher non-interest income and higher net interest income, supported by a robust loan growth of 6.4 per cent year-to-date.

Key highlights of Krungsri’s consolidated 9-month 2019 results:

• Net Profit: Recorded at Bt26.3 billion, representing a 40.7 per cent increase over the same period of 2018.

• Loan Growth: Increased strongly by 6.4 per cent, or Bt106.5 billion from December 2018.

• Deposit Growth: Increased by 4.8 per cent, or Bt68.7 billion from December 2018.

• Non-Interest Income: Significantly increased by 40 per cent, or Bt10.2 billion, from the same period of 2018, mainly driven by the recognition of gains on investments from the Ngern Tid Lor Company Limited (NTL) transaction and a share of profit from investment.

• Non-Performing Loans (NPLs): Improved to 2.01 per cent, from 2.08 per cent in December 2018.

Krungsri president and chief executive officer Seiichiro Akita said: “Despite a deceleration in the Thai economy, Krungsri delivered solid performance for the first nine months of 2019, with a robust net profit of Bt26.3 billion, representing a 40.7 per cent increase over the same period of 2018. The solid earnings were attributed to the bank’s ability to optimise our loan portfolio mix, thus resulting in steady growth in net interest income and non-interest income”.

On overall business outlook, Akita said: “Given the decelerating economy, driven mainly by a global slowdown affecting domestic demand, Krungsri anticipates the Thai economy to expand at a slower rate than previously forecasted and has revised down GDP growth projection to 2.9 per cent from 3.2 per cent”.

“Nevertheless, an accommodative monetary policy together with fiscal stimulus measures will provide support to maintain growth momentum for the final quarter. Krungsri expects the 2019 loan growth performance to be in the upper band of the bank’s target range of 6 – 8 per cent”.

As of September 30, 2019, the fifth largest bank in Thailand in terms of assets, loans and deposits, and one of Thailand’s five Domestic Systemically Important Banks (D-SIBs), reported Bt1.78 trillion in loans, Bt1.5 trillion in deposits, and Bt2.27 trillion in total assets.

The bank’s capital stood at Bt263.92 billion, equivalent to 16.46 per cent of risk-weighted assets, with 11.79 per cent in common equity tier 1 capital at the end of September, 2019.

PTT prepares for new CEO

Published October 19, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30377523

PTT prepares for new CEO

Oct 18. 2019
By THE NATION

758 Viewed

The PTT board of directors has appointed a committee tasked with selecting the company’s new chief executive officer, according to a press release issued today (October 18).

The term of its current CEO and president, Chansin Treenuchagron, will end on May 12, 2020.

The oil and gas conglomerate PTT is expected to call for applications for the position of its new head during the fourth quarter of this year.

SCB sees growth in third quarter

Published October 19, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30377520

SCB sees growth in third quarter

Oct 18. 2019
 Arthid Nanthawithaya

Arthid Nanthawithaya
By THE NATION

754 Viewed

Siam Commercial Bank and its subsidiaries have announced a third-quarter consolidated net profit of Bt14.8 billion, 40.8 per cent higher than the same period last year.

This was a result of net profit of B10.5 billion from normal operations and a one-time capital gain from the sale of SCB Life of Bt11.6 billion. The bank set aside additional provisions of Bt9.1 billion in this quarter, on top of its normalised quarterly requirement of Bt6.2 billion.

For the first nine months of 2019, net profit stood at Bt34.9 billion, up 5.9 per cent year on year (yoy).

Despite moderate loan growth of 2.2 per cent yoy due to the slower economy, net interest income (NII) increased 7.4 per cent yoy to Bt26.2 billion in the third quarter. The bank’s proactive risk management and strategy to rebalance its loan portfolio towards higher margin products was the main reason for this NII growth.

Non-NII in the third quarter, excluding the one-time gain, was stable year on year because of resilient recurring fee income especially from lending-related activities and wealth products.

The bank’s total operating income, including the one-time gain, rose significantly by 74.1 per cent to Bt60.5 billion, which far exceeded expense growth. Consequently, the bank’s cost-to-income ratio declined to 29.1 per cent in the third quarter.

The non-performing loan (NPL) ratio rose to 3.01 per cent at the end of September 2019 from 2.77 per cent at the end of June, reflecting the current state of the economy and prevailing economic headwinds. NPL coverage ratio stood at 144 per cent in the current quarter while the Bank’s capital adequacy ratio remained strong at a record high of 18 per cent.

“In this quarter, the bank recorded a gain from the sale of SCB Life. In light of domestic economic uncertainty and global economic volatility, we foresee the need to strengthen ourselves. Thus, the bank set aside additional provisions against potential problem loans. At the same time, we also continue to pursue long-term growth opportunities particularly from wealth management and life insurance businesses where we will start the partnership with FWD Group in the fourth quarter of this year. We will also explore new investment opportunities for long-term future growth of the bank,” said Arthid Nanthawithaya, chairman of the executive committee and chief executive.

Thai Oil targets profits of Bt30 bn by 2030

Published October 18, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30377502

Thai Oil targets profits of Bt30 bn by 2030

Oct 18. 2019
By THE NATION

490 Viewed

Thai Oil Plc is targeting net profits of US$1 billion (Bt30.3 billion) in 2030, up from $312 million last year once it completes the development of the Clean Fuel Project (CFP) in 2023 and Beyond CFP in 2029, Thai Oil president Wirat Uanarumit said.

The company also plans to invest Bt150 billion until 2023, most of which will be spent on the Bt3.961-billion CFP. Work on the CFP development is set to begin in the first quarter of next year and completed in the first quarter of 2023.

The project, expected to generate 20,000 jobs, will be financed by both its own fund as well as through bank loans and the issuance of debentures.

The CFP aims to boost Thai Oil refinery’s competitive advantage to maintain its leading position in the industry. The project is also expected to boost its manufacturing efficiency as well as create added value for the company’s environmentally friendly products as well as increase its crude-oil refining capacity from 275,000 barrels daily to 400,000 barrels per day.

The company is also in talks with PTT Plc on the possibility of jointly investing in the petrochemical business under the Beyond CFP project, he said, without elaborating.

Mmm, fruit flies! Thai Union Group investing in latest food-tech

Published October 18, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30377483

Mmm, fruit flies! Thai Union Group investing in latest food-tech

Oct 17. 2019
Thiraphong Chansiri

Thiraphong Chansiri
By THE NATION

1,042 Viewed

Thai Union Group PCL has set up a venture fund as part of its continuous investment in innovation. Thai Union has initially committed US$30 million to invest in companies that are developing breakthrough food technologies.

The fund will focus on alternative protein, functional nutrition and value chain technology. Thai Union will actively partner with these companies to support and accelerate their development.

“In recent years Thai Union has made significant investments to become a leader in seafood innovation and sustainability,” said CEO Thiraphong Chansiri. “As we move into the next decade, we will increasingly cooperate with innovative startups in strategically interesting areas. This will complement our own activities as we are broadening our business beyond our traditional core.”

The announcement of its venture fund follows the recent opening of Space F, Thailand’s first food-tech incubator and accelerator, of which Thai Union Group, the National Innovation Agency and Mahidol University are founding members.

Thai Union has announced an investment in Flying Spark, an alternative-protein startup that uses fruit-fly larvae, which naturally feed on fresh fruit. The larvae have a lifespan of only seven days, yet multiply their body mass 250 times in that period.

Flying Spark’s technology enables easy and low-cost cultivation and processing, with nearly zero waste since all parts of the larvae are used.

This gives it an edge over conventional protein sources – not only those from meat and plants but also over other insects, such as crickets and grasshoppers.

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