Bangkok Bank's consolidated net profit fell 10.62 per cent from Bt5.18 billion in the first quarter last year to Bt4.63 billion.

However first-quarter earnings for the bank alone rose slightly from Bt4.64 billion in the same quarter last year to Bt4.66 billion.

The country's largest bank by assets said in a statement to the Stock Exchange of Thailand yesterday that its net interest margin in the first quarter was 3.15 per cent, about the same as the year before.

Its fee and service income increased to Bt3.72 million.

The bank's non-interest expenses decreased significantly by Bt782 million, or 8.7 per cent year on year, and gave a boost to its first-quarter earnings.

Bangkok Bank yesterday lowered its prime lending rate by 25 basis points and all fixed-deposit rates by 50 basis points.

Siam Commercial Bank followed by cutting its lending rate by 25 basis points and 50 basis points for its fixed-deposit rates, effective on Monday.

Krung Thai Bank, meanwhile, posted a net profit in the first quarter of Bt4.4 billion, down by Bt236.55 million or 5.09 per cent year on year.

This was partly caused by a Bt10.76-million decrease in net interest and dividend income over the quarter, resulting in a drop of Bt648 million or 5.68 per cent year on year.

The bank's change to its accounting policy on recording investment in subsidiaries implemented in the first quarter this year was also blamed for the decline in net profit.

Bank of Ayudhya logged a net profit for the first quarter of Bt1.2 billion, falling by Bt592.17 million or 32.92 per cent from the same quarter last year.

The poorer performance was mainly due to corporate income tax.

However, the bank recorded an operating profit of Bt2.57 million before doubtful loan provisioning and income tax, which was about the same as last year.

CEO Tan Kong Khoon said a 40-per-cent increase in non-interest income and net loan growth of around Bt4 billion had helped maintain its operating profit.

Siam Commercial Bank made a net profit for the first quarter of Bt3.7 billion, down from Bt4.22 billion year on year.

TMB Bank posted a net profit of Bt2.12 billion in the first quarter of last year, but this past quarter's net results nearly disappeared at Bt158.55 million.

Kasikornbank was the best performer in the industry in the quarter. Its net profit of Bt3.85 billion was up by Bt377.94 million or 10.87 per cent from Bt3.47 billion in the respective quarter of last year.

Somruedi Banchongduang

The Nation