Bangkok Bank posts huge first-half loss

BANGKOK (AFP): Thailand’s biggest bank, Bangkok Bank Plc, today posted a huge first-half net loss of 26.98 billion baht, compared with a loss of 16.34 billion baht in the same period last year. Bank president Chartsiri Sophonpanich said that the result reflected the continued negative effect of massive non-performing loans on the banking system. “While the economic conditions of the first half of the year have seen some positive developments, it is likely to take some time for this to be reflected in the bank’s performance,” he said, adding that the bank’s operating profit before provisioning and tax was 6.2 billion baht. “Over the next six months, we expect to see an improvement in asset quality as a result of progress in troubled debt restructuring,” Chartsiri said.