The Export-Import Bank of Thailand (Exim Thailand) said its 2004 unaudited net profit fell by 33 per cent compared to the previous year. The bank booked a net profit of 477 million baht (US$12.36m) in 2004, down from 2003's record high of 717 million baht, according to a statement.
The bank attributed the decline to a lower income from write-back of written-down debt and a fall in net interest income due to rising fund costs and the highly competitive nature of export financing in Thailand.
Despite the fall, Exim Thailand president Sataporn Jinachitra was pleased with the bank's steady performance, with fourth quarter net profit reaching 150 million baht.
Exim Thailand's total assets at the end of 2004 amounted to 52,806 million baht, a 10.2 per cent rise from 47,930 million baht at the end of the previous year. The bank's total loans and accrued interest receivables by the end of last year were up 14.6 per cent, totalling 49,436 million baht.
