Thai Famers Bank - good News, Kurs fällt weiter - 500 Beiträge pro Seite

[Frakt@l]

Thai Farmers Bank hat am 20.7.00 die Quartalsergebnisse bekanntgegeben und die waren super: 0,94 Baht/Aktie
Gewinn (2.Q. 1999: 5,79 Baht/Aktie Verlust), für das 1.Halbjahr 1,08 Baht/Aktie Gewinn im Vergleich zu 10,88
Baht/Aktie Verlust in 1999. Der Aktienkurs hat trotzdem krätig nachgegeben (natürlich, was anderes kennen wir
ja dieses Jahr in Thailand nicht). Grund: man wird dieses Jahr noch hohe Abschreibungen auf `non-performing loans`
vornehmen müssen, so dass man vermutlich am Ende des Jahres doch maximal mit einer schwarzen Null
rauskommt. Insgesamt wird Thai Famers Bank aber nach wie vor sehr positiv gesehen (beste Bank Thailands)
und man rechnet mit einem Profit in 2001.

Unten einige Original Meldungen inclusive einer Meldung über ein Upgrade von TFB, weil man TFB für mit
Abstand die solideste Bank in Thailand hält.

Von Investitionen in Thai Werte sollte man trotzdem momentan absehen, denn technisch könnte die Lage kaum
schlechter sein. Der SET hat die Unterstützung bei 310 nach unten durchbrochen und geht jetzt munter
Richtung 240. Die Stimmung ist nicht nur schlecht, sie ist katastrophal.


Tuesday, July 18 3:48 PM SGT

Thai Farmers Bk FY Net Foreseen Below THB1B -Nava Vickers

BANGKOK (Dow Jones)--Thai Farmers Bank PCL (H.TFB)`s full-year net profit should be less than 1 billion baht ($1=THB40.037), down from an earlier forecast of THB2 billion, due to more one-off expenses, said Nava Vickers Ballas Securities Tuesday.

"The bank may need to set further provisioning against loan loss for its loss-making subsidiaries," the house`s analyst, Arparporn Sawaengpak, told Dow Jones Newswires after her meeting with the bank`s management.

She quoted the management as saying the bank needs further loan-loss provisions, but it refused to specify what for.

The market hasn`t expected such expenditures, Arparporn said, thus the stock price may be hurt in a short term, but added such spending should further strengthen the bank`s financial position in the longer term after all provisioning is completed.

Nava Vickers is revising down its full-year forecast for the bank from a net profit of THB2 billion to less than THB1 billion, upon the suggestion of the bank`s management.

"The bank`s management is realistic and may finish all provisioning needed for its subsidiaries in this year," Arparporn said.

Thai Farmers Bank has already set more aside than 100% in loan-loss reserves for itself.

"The bank also said its combined spending for its early retirement program should be THB1 billion in the year," she added.

The bank already set about THB900 million for its one-off early retirement program in the first quarter. Analysts have expected a total of THB1.8 billion spending on the program for the year.

Thai Farmers Bank is scheduled to release its second-quarter, and first-half results by Friday, together with all other listed financial institutions.

Its recorded a consolidated first-quarter net profit of 305.5 million baht ($1=THB37.927), versus a net loss of THB9.06 billion a year earlier.

The stock closed unchanged at THB25.75 midday Tuesday.







Thursday, July 20 7:32 PM SGT

WRAP: Some Thai Banks Post 2Q Pfts, But Problems Remain

BANGKOK (Dow Jones)--Most Thai banks have returned to operating profitability, those who have completed provisioning for loan-loss reserves are posting net profits for the second quarter, and all institutions are required to meet full central bank provisioning requirements this year.

But the road to full recovery is still long and rocky, analysts said.

"We remain cautiously optimistic on the banks given expected positive pre-provisioning profits, positive structural changes and low valuations. But we are all too aware of the massive problems facing the sector," Merrill Lynch said in a report this week.

The research house said the economy`s uneven export-led recovery and excess capacity in several sectors has led to lower-than expected loan growth, higher-than-expected new nonperforming loans, and higher-than-expected reversion of restructured loans to the nonperforming category.

On the bright side, costs of funds have dropped as deposit interest rates fall, and SG Securities analyst Andrew Stotz said in a report Thursday he expects another 25 to 75 basis point decline over the rest of the year. Most banks cut three-month and six-month fixed-term deposit account interest rates by 25 basis points to 3.25% earlier this month.

Thai Farmers Bank (H.TFB) surprised analysts Thursday with a hefty net profit of 2.2 billion baht ($1=THB40.317) in the second quarter, compared with a loss of THB19.29 billion in the same period a year earlier.

Fitch IBCA, an international credit rating agency, said Thursday it has upgraded Thai Farmers Bank`s financial strength rating to D from D/E, reflecting its status as one of the best-capitalized and best-run banks in the sector.

Tisco Finance PCL (H.TIS) recorded a swing to a net profit of THB386.6 million, from a loss of THB2.22 billion.

Financial institutions are expected to report unaudited second quarter results by late Friday, or ahead of the market`s opening Monday.

DBS Thai Danu Bank PCL (H.DBS), one of the few other institutions to have already released results, was still in the red due to ongoing provisioning for loan-loss reserves, losses on foreclosed properties and write-offs of hopelessly bad loans.

The bank recorded a consolidated net loss in the first half of THB399.3 million, down from a net loss in the same period last year of THB9.98 billion.

But the Thai unit of Development Bank of Singapore`s DBS Group Holdings (DBSM.SI) raised THB13.5 billion in the second quarter, and plans to use several billion of its fresh capital to write off losses on the sale of nonperforming loans.

Stotz expects DBS Thai Danu Bank`s nonperforming loans to drop close to zero, from 34.1% of total lending at the end of June, as the bank`s downsizing program continues to reduce operating expenses.

Taking Bad Debtors To Court

Despite serious concerns about nonperforming loan levels and the vulnerability of the Thai recovery to shocks from the global economy, Merrill Lynch said Thai bank earnings should begin to rise in the coming year and help to rebuild capital bases.

Recovery in loan growth is expected as the economy strengthens and corporations slow repayments of debt.

Many analysts have expressed concern that banks have been dealing only with easy debt restructuring cases, and slippage of restructured cases back into nonperforming status is estimated at 15% to 20%.

But Merrill Lynch said banks are gaining experience, taking on the difficult cases, and getting more aggressive with debtors who can`t or won`t pay.

"The banks are taking debtors to court in ever-greater numbers. The banks` claims on lawsuits in civil courts have skyrocketed to over THB700 billion, or about 30% of total nonperforming loans," the report said.

This is good news for the Thai economy, as it will force long-term structural adjustment, but there are unlikely to be any short-term benefits to the banks, it said.

Fitch IBCA said it will take years for even the strongest Thai banks to recover fully.

Given the entry of international banks and financial service providers to the domestic scene, levels of profitability seen before the crisis may never return, the agency said.

Fitch said Thai Farmers Bank expects to record a net profit of about THB2 billion in 2000, but that using more conservative assumptions about losses on nonperforming loans, the rating agency projects a slight net loss.

Substantial write-offs are expected to eat away operating profits as the bank and its asset management corporations realize losses on restructured and unrestructurable loans.

Nevertheless, Thai Farmers Bank`s operating profits and strong management is expected to allow it to return to reasonable profitability in 2001, and to benefit from further upgrades in its individual and credit ratings over the next two to three years, Fitch said.

Meanwhile, even state-owned Krung Thai Bank PCL (H.KTB) - whose bad debt burden was multiplied through absorbtion of failed banks` assets under the government`s financial sector restructuring program - said Thursday that is expecting to operate profitably this year.

The bank`s books will be wiped nearly clean in September, when THB537 billion worth of bad debt - or about 25% of all nonperforming loans in the financial system - are transferred to an asset management corporation being set up by the state`s rescue fund for financial institution.

Krung Thai Bank, the second-largest commercial bank, and Bangkok Bank PCL (H.BBK), the largest, each said they would release second-quarter results late Friday.


Thursday, July 20 9:36 AM SGT

Thai Farmers Bk 2Q Net THB2.20B Vs Loss THB19.29B>H.TFB

THB0.94/Shr >H.TFB


Thai Farmers Bank PLC - Bangkok
Figures in baht.
All figures are unaudited.

..........Second Quarter To June 30:
.....................................2000....................1999
Net Profit................2,202,800,000.....(10,292,400,000)
Earnings per share..........0.94....................(5.79)

First Half To To June 30:
.....................................2000.....................1999
Net Profit................2,534,800,000.....(19,355,100,000)
Earnings per share..........1.08....................(10.88)

Figures in parentheses are losses. $1=THB40.137


Thursday, July 20 5:13 PM SGT

Fitch Upgrades Thai Farmers Bank To D from D-E

BANGKOK (Dow Jones)--Fitch IBCA, the international credit rating agency, said Thursday it has upgraded its individual rating for Thai Farmers Bank PCL (H.TFB) to D from D/E, after placing the rating on positive alert in January.

The rating reflects Thai Farmers Bank`s status as one of the country`s best capitalized and best managed banks.

A rating of E reflects technical insolvency, or an urgent need to raise fresh capital. Individual ratings don`t take into account the likelihood of state support for an institution.

Fitch said the bank`s announcement earlier Thursday of a swing to a net profit of 2.20 billion baht ($1=THB40.137) in the second quarter, from a net loss of THB19.29 billion in the same period a year earlier, were in line with its projections.

The agency said Thai Farmers Bank`s long-term, short-term, and support ratings are affirmed at BB-plus, B and 2, respectively, with a stable outlook assigned to the long-term rating


Gruss Frakt@l

[jens11]

Gutes research.Thanx fürs posten.

[noreg]

es soll noch THAI-investoren geben, die noch nicht verrueckt geworden sind.
einer von denen dankt sehr fuer die praechtige recherche.

[Frakt@l]

Einer der Gründe für die Abwärtsbewegung am Aktienmarkt in der schwache Baht, der Ängste der Krise von 1997 wieder
aufkommen läßt. Das ist mittlerweile ein Teufelskreis, da immer mehr Leute aus dem Baht in den Dollar flüchten aus Angst, der
Baht könnte weiter fallen (self fulfilling prophecy). Damit leidet natürlich auch der Aktienmarkt, da alle (Thailänder und Ausländer)
ihr Geld aus dem Aktienmarkt abziehen.
Am Montag schätze ich den Verlust des SET auf über 2% (da schlechte Vorgaben aus New York, bei guten Vorgaben fällt
der SET nur um 0,5 - 2 %, aber fallen tut er immer). Damit lassen wir dann die 300 Punkte hinter uns ...

Hier eine aktuelle Meldung zu den Erwartungen für den Baht nächste Woche:

Friday, July 21 7:59 PM SGT

Thai Baht Ends Down;Mkt Fears Further Baht Losses Next Wk

BANGKOK (Dow Jones)--The Thai baht ended down Friday, along with most other Asian currencies, due to political concerns in Indonesia, traders said.

Dollar buying by local companies, anticipating further possible baht falls next week, hastened the decline, dealers added.

The dollar closed the day at 40.34 baht, up from THB40.24 at the Asian close Thursday, with heavy dollar buying seen in the afternoon before the market closed.

"There is very little demand for the baht, and it is likely that the Thai currency is heading down next week," a dealer at a foreign bank said.

Offshore investors continued to sell the baht while many local companies rushed in to buy dollars before the market closed, another dealer said.

The weakening Indonesian rupiah due to internal political concerns was a major factor in dragging down most Asian currencies, including the baht, dealers said.

The baht may find support at THB40.50 against the dollar next week, with resistance at THB40.20, dealers said.

Short-term money market rates dropped sharply amid flush conditions in the market after banks completed their fortnightly reserve buildup.


Market............Term.................................Friday..........Thursday
Interbank.........Overnight/Most active........1.5000%........2.5000%
Repurchase.....Overnight/Close.................0.6250%.......1.1250%
......................14-Day.............................1.5000%........1.5000%
......................3-Month..............................N/A.............2.4375
- - 21/07/00 10-36G


Govt Bond Prices Dn On Pft-Taking

Most government bond prices ended lower Friday amid profit taking after sharp gains this week, dealers said.

Yields rose 2 to 3 basis points across most of the curve, but were stable at the very long end.

Two foreign banks reportedly won the government auction Wednesday of 15-year bonds, and then entered the secondary market to bid up the price of the issue before taking profit on the lot Friday.

Demand remained high, however, and the issue is in short supply, so prices remained stable at the high level, a dealer said.

Late buying interest in the market indicated that the long-term downward trend in yields will continue, but the dealer predicted increased volatility in the coming months as the government refinances issues.

He said the finance ministry has received permission to refinance government bonds and guaranteed notes due in the second half of this year and next year.

Bank of Thailand is expected to announce bond issues in lots of THB20 billion every few months, but some refinancing might take place through with direct swap of new bonds for maturing issues.

Primary issues will be good for the market, but will likely cause more short-term volatility than was seen during the steady rise in bond prices in the first half of the year.

The market was active in early trade, but quieted in the afternoon after profit taking and ahead of the weekend.

The Thai Bond Dealing Center`s daily report wasn`t yet available, but its Web site reported that cash trading volume in all types of securities in the over-the-counter market Friday was THB5.47 billion, down from THB7.255 billion Thursday.

Gruss Frakt@l

[Frakt@l]

TFB zahlt keine Dividende für das erste Halbjahr, da die Bank noch durch aufgelaufene Verluste in Höhe von 86,94 Milliarden Baht
belastet wird. Hier die Originalmeldung:

Thursday, July 27 3:53 PM SGT

Thai Business Briefs:Thai Farmers Not To Pay 1H Dividend

BANGKOK (Dow Jones)--Thai Farmers Bank PCL (H.TFB) said Thursday it won`t pay any dividend to shareholders for the
first half of the year, despite its net profit of 2.54 billion baht ($1=THB40.855) during the period, as the bank is still burdened
by THB86.94 billion in retained losses.

Gruss Frakt@l

[HighFlyer2000]

Jetzt beginnt Sie zu steigen.
Rein Charttechnisch muss Sie das auch.
Werde aufjedenfall noch paar ordern !

[Frakt@l]

TFB wird seine faulen Krediten nicht verkaufen, in der Hoffnung im Jahr 2002 doch noch einen Grossteil des
Geldes zurückzubekommen, wenn die thailändische Wirtschaft wieder besser läuft:

Friday, August 4 3:23 PM SGT

INTERVIEW:Thai Farmers Bk Won`t Sell Nonperforming Loans

BANGKOK (Dow Jones)--Thai Farmers Bank PCL (H.TFB) won`t sell off its nonperforming loans but will restructure them in
the hope of reaping profits from problem assets in 2002, a senior executive of the bank`s asset management company said.

Thailand`s third largest bank expects the recovery rate at its Thonburi Asset Management Co., which handles about one-third of
its nonperforming loans, to reach 20% to 25% at year end, Worawut Piyasachaboon, the company`s managing director, told
Dow Jones Newswires.

"We base our decision to keep problem assets in the bank and its units on projection that the economy will improve eventually
and that our clients can resume their businesses," Worawut said.

About 90% of the nonperforming loan cases Thonburi handles are worth more than 50 million baht ($1=THB40.62) each.

Gruss Frakt@l

[meros]

mein absoluter anlagestar !!!!(mit Legend Holdings Ltd.)

[Frakt@l]

Friday, September 1 12:21 PM SGT

Thai Farmers Bank Buys 70% In Thai Member Admin Services

Bangkok (Dow Jones)--Thai Farmers Bank PCL (H.TFB) said Friday it has acquired a 70% stake in Thai Member Administration Services Ltd.

In a filing to the Stock Exchange of Thailand, the bank said this company is set up to manage provident fund and other fund databases with 20 million baht ($1=THB40.926) registered capital.

The bank`s board approved the acquisition plan last week.

Gruss Frakt@l

[Frakt@l]

TFB : Financial Statements Q3 2000 (Dragonbull.com Newsdesk 20.10.2000)



Remark: Net interest income TFB 3.85 bn, for comparison: Bangkok Bank has about 5.5 bn in this quarter. This is the main parameter for the overall
income potential, once all non-periodic factors are excluded.

1. The Bank incurred higher expenses primarily due to the following:

1.1. The Bank revalued all land and office buildings in compliance with Thai Accounting Standard number 32 (Property, Plant and Equipment) which
states that land and buildings have to be consistently revalued every 3 - 5 years. From this revaluation, the Bank had a surplus from land and
buildings revaluation amounting to Baht 9,514.2 million which was shown in shareholder`s equity.

Also, the Bank had losses from the revaluation of land and buildings amounting to Baht 794.9 million. The loss was shown as an expense in the
Statement of Income.

Remark: This is obviously conservative, as unrealized gains of 9 bn are not in the P&L, but those buildings with a lower value are reflected in the P&L.

Reason for >9 bn positive revaluation: The hidden reserves from TFB’s own old buildings, bought over decades, are still high in spite of the real estate
crisis. The revaluation, which has to be done “every 3-5 years”, has been done for the first time, as this accounting rule is relatively new.

1.2. In this quarter, the Bank had higher other operating expenses partly due to an approximate Baht 600 million increase in expenditure in strategic
initiative projects to enhance long-term competitiveness of the Bank both in the areas of internal operations as well as customer services. These
projects include Centralized Back Office Reconfiguration, Credit Transformation, Customer Relationship Management Development, and IT
Infrastructure Development.

Remark: This is apparently a one-time factor, which will improve future profitability.

1.3. The Bank, using the equity method, immediately recognized a loss of Baht 1,362.9 million, incurred by the two asset management companies.
The loss was a result of additional allowance for doubtful accounts made by the two asset management companies due to deterioration in value of
the collateral assets and reduction in quality of loans. However, the loss would not have occurred if the Bank had not established the two asset
management companies and the loans of the two asset management companies had still been on the Bank`s book. The Bank`s existing cushion
could have adequately absorbed the additional allowance for doubtful accounts made by the two asset management companies without incurring
any further expense for additional allowance.

Remark: Again conservative accounting policy. Other banks apparently don’t book this way or don’t have asset management companies.

I try to calculate the Q3 profit without any one-time or non-periodical factors:

Quarterly Regular Income:
Net Interest Income: 3.85 bn
Other Income: 2.15 bn
Operating Expenses: 3.75 bn (excluding the 600 mill from Note 1.2)
FIDF contribution 0.6 bn
NET INCOME: 1.65 bn

YEARLY NET INCOME in a ceteris paribus case (no improvements in operations, unchanged NPL-situation, interest level, loan volume etc.)
would be about 5.5 bn. As TFB does not have to pay taxes for some years (because of accumulated loss), TFB has the potential to record this
amount as net profit.

If the loan volume grows, more NPL can be restructured and operational efficiency improves, profits could be significantly higher. If however the
loan quality deteriorates or the interest spread decreases, yearly profits would be less than 5.5 bn.

Gruß Frakt@l

[mullersee]

Dazu reicht leider mein English nicht!
Ist dass Positiv oder Negativ für Thai Farmer?
Gruss mullersee

[BodyG]

@Frakt@l,

UBS Warburg war am 18.10. ganz anderer Meinung, hatte ich auch schon bei Max Roland geposted. Jaja diese professionellen Analysten!!!!!!

Gruesse BodyG

[Frakt@l]

Hallo mullersee,

der Bericht ist im Wesentlichen positiv, da er die Bilanzierung von TFB als sehr konservativ, also vorsichtig, ansieht.
Außerdem sind eine Reihe Einmaleffekte im 3.Q. verbucht, so dass sich insgesamt ein Verlust ergibt. Ohne diese
Effekte wäre ein Gewinn ausgewiesen worden. Es wird aber auch auf Risiken hingewiesen. Frei nach der Devise:
wenn`s gut läuft (Ausweitung der Kredite, gute Qualität der Kredite) läuft es auch für TFB gut, wenn nicht, ist
es eben auch für TFB schlecht. Naja, irgendwie kann man damit wohl nicht allzuviel anfangen...
Der TFB Kurs ist jedenfalls am Freitag etwas abgesackt.

@BodyG,

ja die Analysten sind schon so eine Spezies für sich. Hier noch eine Einschätzung von Merrill Lynch vom 13.10.00:
(Abstufung von `kaufen` auf `halten`, langfristig von `kaufen` auf `akkumulieren`)

TFB ratings slip.

MERRILL Lynch Phatra Securities Co Ltd has lowered its recommended
intermediate term rating for Thai Farmers Bank (TFB) shares from "buy" to
"neutral" and its long-term rating from "buy" to "accumulate". The
country`s leading securities house attributed the bank`s high exposure to
the instability of its mostly small-and medium-sized enterprise (SME)
customers.

"The bank appears quite vulnerable to an economic slowdown because its
customers are mostly small-to medium-sized enterprises (SMEs). Our study
of SET-listed companies finds the performances and positions of the SMEs
to be very sensitive to economic conditions," the report said. "In our view,
their financial positions are weak and fluctuating due to a lack of pricing
power, loss of market share due to continued consolidation in their
industries, limited access to financing, and inflexibility and cost
ineffectiveness given low capacity utilisation rates."

The report said that Merrill Lynch`s concern is that the condition of the
SMEs "could worsen, given a slowing economy suggested by weakening
economic indicators in the third quarter of this year".

Its share price has so far this year fallen by 56 per cent from Bt44.50.

With the increased risks posed by an economic slowdown and the
upcoming general election, TFB is likely to show weak results in the
second half of the year, said the report.

However, its lower funding costs should help the bank strengthen its
cushion on NPL losses to 62 per cent.

Gruß Frakt@l

[Frakt@l]

Hier ein Überblick über die Ergebnisse des 3.Q.00 für einige Thai Banken, incl. TFB:

Friday, October 20 6:45 PM SGT

WRAP: Thai Banks Record Operating Profits, NPLs Decline

By Tom Fox

Of DOW JONES NEWSWIRES

BANGKOK (Dow Jones)--Most Thai banks reported operating profits and declining levels of nonperforming loans in
unaudited third quarter financial statements, but loan-loss provisions and special charges kept net results in the red or below
analysts expectations.

Three of the country`s top four banks reported third-quarter net profits on Friday, while the net loss of Thai Farmers Bank PCL
(H.TFB), the third-largest commercial bank, was due to restructuring-related charges against an operating profit of 1.49 billion
baht ($1=THB43.641).

Thai Farmers reported its results Thursday.

Bangkok Bank PCL (H.BBK), the country`s largest, said it swung to a net profit of THB1.77 billion in the third quarter ended
Sept. 30, from a net loss of THB13.56 billion in the same period last year.

Its second consecutive quarter of net profit was possible due to a drop in loan-loss provisioning during the period to THB3.91
billion, from THB14.04 billion in the same quarter last year.

The additional provisioning brought total reserves, after mandatory write-offs of THB182.2 billion, to THB15.7 billion, or
147% of the level required by the central bank, Bangkok Bank said in a statement.

"We are satisfied with the steady improvement in our operating profits. However, the economic recovery is still relatively fragile
and it is prudent to set aside additional provisioning," bank president Chartsiri Sophanpanich said in the statement.

Bangkok Bank recorded a net loss of THB20.3 billion in the first nine months, down from THB38.15 billion last year. A
consensus forecast published by Barra Global Estimates projects a full-year net loss of THB16.90 billion for 2000.

State-owned Krung Thai Bank PCL (H.KTB) posted a net profit of THB88.88 billion in results skewed by the return of
THB108 billion in loan-loss provisions to earnings, following the transfer of THB519.38 billion in nonperforming loans to an
asset management corporation owned by the state`s rescue fund.

The bank, which is the country`s second-largest, said loan-loss provisioning for remaining bad debt rose by THB15.05 billion in
the third quarter to a total THB51.70 billion, or 100% of the central bank`s requirements.

Retained losses as of Sept. 30 stood at THB75.36 billion, and nonperforming loans at THB92.13 billion, or 11% of total loans.
Total loans comprised THB427.38 billion in loans to state-owned asset management corporations and related parties, and
THB432.89 billion in other loans.

The move to begin cleaning up the books of Krung Thai Bank is a major step forward, which should bring the level of
nonperforming loans at state banks down to levels seen at private banks. At the end of August problem loans accounted for
55.1% of total loans at state banks, and 21.7% at private banks.

But real progress in lifting the burden of problem loans from the economy will come more slowly, analysts said.

The state rescue fund is in the process of hiring an asset manager for Krung Thai Bank`s former problem loans, and about
THB1 trillion worth of disputed debt cases are expected to deluge the country`s courts.

Finance Minister Tarrin Nimmanahaeminda said this week that a voluntary arbitration system is being set up as an alternative for
creditors and debtors to speed the process, while senior officials and judges are working on further revisions of laws,
regulations and procedures.


Siam Commercial Bank Posts 9-Mo Net Profit




Siam Commercial Bank PCL (H.SBK), the fourth-largest bank, was the only Thai bank to record a net profit for the first nine
months - at THB2.79 billion, compared with a net loss of THB36.98 billion in the same period last year.

The bank`s aggressive provisioning last year allowed it to return to profitability before many of its competitors, analysts said.

During the quarter, Siam Commercial made additional loan-loss provisions of THB971 million, bringing the loan-loss provisions
made over nine months to THB5.43 billion.

The bank said it generated an unaudited net profit of THB754 million in the third quarter ended Sept. 30, compared with a
THB2.69 billion a year earlier.

Operating results, which showed a profit of THB995.1 million for the quarter, and THB1.33 billion for the first nine months,
were "satisfactory," and were due mainly to fees paid to the bank for the underwriting of bond issues, the bank said in a
statement.

The bank said its nonperforming loans at the end of September amounted to 18.7% of total lending, compared with 20.1% at
end-August.

The medium-sized Bank of Ayudhya PCL (H.BAY) said it swung to an unaudited third-quarter net profit of THB368.6 million,
from a net loss of THB3.12 billion in the same quarter last year.

Its operating results were more than double the previous year`s third quarter at THB3.51 billion.

The swing to net profit was made possible by a drop in provisioning against loan losses for the quarter to THB907 million, from
THB2.08 billion a year earlier.

Bank of Ayudhya reported a net loss of THB9.16 billion in the nine months to Sept. 30, an improvement on the THB19.48
billion loss recorded last year, due mainly to a drop in provisioning to THB9.84 billion from THB15.05 billion a year earlier.

The bank has said it has met the central bank`s provisioning requirements, but some analysts believe the bank did so by raising
its estimates of collateral values or recovery rates on nonperforming loans.

Higher recovery rate assumptions reduce the provisioning required under the formula given in central bank regulations.

In contrast, Thai Farmers Bank took a special charge in the third quarter of THB795 million to account for downward revision
of property values.

Bank of Ayudhya said its nonperforming loans stood at 81.79 billion baht, or 25.21% of total lending at the end of September,
down from THB85.14 billion, or 25.76%, reported at the end of August.

Gruß Frakt@l

[mullersee]

@ Frakt@
Danke für die ausführliche Antwort.
Gruss mullersee