Bangkok, "Krungthai" posted first quarter net profit of 11,079 million baht, an increase of 10 percent, moving forward to solve sustainable debt problems. Mr. Phayong Sriwanich, President Krung Thai Bank revealed that the Thai economy in 2024 will be driven by the gradual recovery of the tourism sector. and the government's economic support measures admit that the Thai economy is at risk of lower growth. and grow below potential from structural problems affecting production and exports Geopolitical conflicts that are expanding and continuing and climate change Including pressure from high levels of household debt, while some SME businesses are fragile and lack flexibility and are therefore slow to recover. For the first quarter of 2024, the Bank and its subsidiaries had a net profit of 11,079 million baht, an increase of 10.1 percent from the same period last year. Total income came from an expansion of 15.4 percent from a carefully grown loan portfolio. Cost to Income ratio was 43.6 percent. The bank and its subsidiaries set aside provisions for expected credit losses at an appropriate level, maintaining coverage. ratio at a high level, stable at approximately 181 percent, equal to the end of 2023, non-performing loans of 98,815 million baht, decreased from 31 December 2023. The ratio of non-performing loans to total loans (NPLs Ratio) was equal to 3.14 percent. The Bank has maintained a high Coverage ratio of 181.8 percent to cushion against economic uncertainties. As of March 31, 2024, the Bank had Tier 1 capital of 17.33 percent of risk-weighted assets. and has a total capital fund of 20.50 percent of assets weighted according to risk. It is considered to be in a strong position when compared to the criteria of the Bank of Thailand (BoT). The bank moves forward to help every group of customers. Recently, it has launched a project 'Sustainable Government Debt Consolidation Loan' is in addition to the ongoing government assistance measures. To help government officials with high debt burdens Salary was ded ucted to pay off debt until it was almost gone. There is less than 30% of money left over each month, not enough to survive. To increase liquidity for government officials The pilot bank joins hands with the Khon Kaen Teachers Savings Cooperative and the National Credit Bureau Company Limited (Credit Bureau) to assist government teachers. Reduce financial burden Close chronic debt faster In 2024, Krung Thai Bank Committed to developing the organization through innovation To lead the changes in the modern business world, drive "innovation, create value, meet customer needs towards sustainability' and supports the country's economic and social development strategy. Most recently, it has established a company Krungthai Ventures Co., Ltd. (Krungthai Ventures) under Krungthai Advisory Co., Ltd., a subsidiary. To operate a business in the form of venture capital (Venture Capital), focusing on investments that are in line with the bank's strategy, while Krungthai NEXT has 17.8 million users, the Paotang app has 40 million users and the Taengngen app 2 million, helping Thai people conveniently access financial services Help improve the quality of life of Thai people. Source: Thai News Agency