Post by account_disabled on Dec 26, 2023 10:05:39 GMT
Miss Khattiya Inthawichai, Chief Executive Officer Kasikorn Bank revealed that the economic situation in Thailand in the second quarter of 2020 is expected to experience the deepest contraction of the year. It has been affected by the lockdown measures of Thailand and abroad amid concerns over the outbreak of coronavirus disease 2019 (COVID-19), especially the tourism sector and merchandise exports that have contracted significantly. as well as economic activity within the country that has deteriorated. This caused the Bank of Thailand to reduce the policy interest rate to 0.50%, the lowest in history. and began to use financial and credit measures Including laying down guidelines for measures to help debtors of financial institutions.
Effective January 1, 2020, the Bank and its subsidiaries have adopted financial reporting standards related to financial instruments (including TFRS 9), which will affect the classification of new items. Measuring financial assets and financial liabilities Impairment Email Marketing List of financial assets and hedging accounting By adjusting the cumulative impact from complying with the aforementioned standards for the first time on retained earnings as of January 1, 2020, as well as showing items in the financial statements in accordance with the regulations in the Bank of Thailand announcement. Some financial statements and financial ratios cannot be compared with the previous year. The Bank and its subsidiaries have a net profit for the first half of 2020 of 9,550 million baht and a net profit for the second quarter of 2020 of 2,175 million baht.
Operating results for the first half of 2020 compared to the first half of 2019, the Bank and its subsidiaries had operating profit before deducting expected credit losses and income tax of 45,950 million baht, an increase of 45,950 million baht. from the same period last year in the amount of 2,805 million baht or 6.50%, but with careful consideration of various factors from the uncertainty of the economic condition shrinking from the COVID-19 outbreak situation. In addition, the measures of the authorities for financial institutions to provide assistance to affected customers. As a result, debt quality must still be closely monitored. The Bank and its subsidiaries therefore use the principle of continued caution in considering provisions for expected credit losses, increasing from the same period last year by 16,937 million baht or 111.97%, resulting in net profit for the period.
Effective January 1, 2020, the Bank and its subsidiaries have adopted financial reporting standards related to financial instruments (including TFRS 9), which will affect the classification of new items. Measuring financial assets and financial liabilities Impairment Email Marketing List of financial assets and hedging accounting By adjusting the cumulative impact from complying with the aforementioned standards for the first time on retained earnings as of January 1, 2020, as well as showing items in the financial statements in accordance with the regulations in the Bank of Thailand announcement. Some financial statements and financial ratios cannot be compared with the previous year. The Bank and its subsidiaries have a net profit for the first half of 2020 of 9,550 million baht and a net profit for the second quarter of 2020 of 2,175 million baht.
Operating results for the first half of 2020 compared to the first half of 2019, the Bank and its subsidiaries had operating profit before deducting expected credit losses and income tax of 45,950 million baht, an increase of 45,950 million baht. from the same period last year in the amount of 2,805 million baht or 6.50%, but with careful consideration of various factors from the uncertainty of the economic condition shrinking from the COVID-19 outbreak situation. In addition, the measures of the authorities for financial institutions to provide assistance to affected customers. As a result, debt quality must still be closely monitored. The Bank and its subsidiaries therefore use the principle of continued caution in considering provisions for expected credit losses, increasing from the same period last year by 16,937 million baht or 111.97%, resulting in net profit for the period.