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Maybank expecting Thai banks to achieve 26 percent growth target

Maybank expecting Thai banks to achieve 26 percent growth target

(9 October 2013 – Thailand) Maybank Kim Eng is expecting Thailand’s banking sector to continue to expand earnings in the third quarter of 2013, and achieve a full-year growth target of 26 percent year-on-year for 2013 and a further 17 percent year-on-year in 2014.

“Loan growth should be buoyed by the numerous private- and government-sector investment projects,” said Maybank.

“Despite slower economic growth, we expect the banking sector to post earnings of THB53.1 billion (A$1.79 billion) for 3Q13F, translating to growth of 6 percent QoQ and 20 percent YoY.

“BAY, KTB and SCB are likely to report record-high profits, while TCAP would be the only bank to experience a sequential drop in profit in the absence of extraordinary gains,” Maybank reported.

Regarding 2014 profits, Maybank said the slowdown in the domestic economy this year will mean an adjustment to the base effect following last year’s strong growth.

“Nevertheless, we expect the economy to return to normal next year and forecast GDP growth of 4.5 percent.”

“Domestic consumption should recover and exports improve on global economic resiliency. In our view, the key driver for the Thai economy over the next few years will be the investment from both the public and private sectors.”

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