Bangkok Bank PCL's fourth-quarter net profit plunged 70% due to the adoption of new accounting standards and a booking of expected credit losses related to the Covid-19 pandemic.
The Thai lender said late Thursday that net profit fell to 2.40 billion baht ($80.2 million), down from THB8.00 billion in the same period a year earlier, largely due to a decrease in income from investments under new accounting standards.
For the full year, net profit fell 52% to THB17.18 billion.
Net interest income rose 12% in the fourth quarter to THB19.26 billion, while non-interest income fell 57% to THB11.36 billion.
The bank set aside expected credit losses of THB7.20 billion amid the pandemic, up from THB5.67 billion in the third quarter. The bank's nonperforming loan ratio fell to 3.9% at end-December from 4.1% in September.
Going forward, the bank noted that Thailand's economic recovery "remains fragile and highly uncertain" due to new waves of virus outbreaks and control measures to reduce the spread of the virus, among other factors.
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(END) Dow Jones Newswires