Fitch: Thai banks resilient

Fitch Ratings said that major Thai banks' first-half results show resilience amidst global economic shocks and local political uncertainty as some banks reported stronger results compared to 2007.

Nonetheless, the weakening economic outlook and falling consumer and business confidence will likely impact growth and asset quality in the second half, the agency said.

As predicted by Fitch, TMB Bank plc reported a marked turnaround, while Bank of Ayudhya plc and Krung Thai Bank plc also reported stronger results. The leading banks, Bangkok Bank plc, Siam Commercial Bank plc and Kasikornbank plc generally maintained strong results.

Barring further economic or political shocks, the agency said, lower provisioning and higher loan growth should see overall stronger results in 2008 for the Thai bank sector.

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