• Net profits up by 27.5 percent
• Non-interest expenses decreased by Baht 782 million
• Earnings per share increased to Baht 2.44 per share

Bangkok Bank has reported preliminary results for the first quarter of 2007, with net profits of Baht 4,662 million, up by Baht 1,006 million or 27.5 percent, compared with the previous quarter.

Total loans at the end of March 2007, increased slightly to Baht 959,249 million, while non-performing loans amounted to Baht 89,322 million, equivalent to 9.2 percent of total loans. Total deposits continued to increase, rising by 1.2 percent from the year-end to Baht 1,236,932 million at the end of March.

Net interest margins in the first quarter were 3.15 percent, in line with margins in 2006. Fees and service income increased from the same period last year to Baht 3,722 million, while gain on investments showed a net loss of Baht 22 million. However, gain on foreign exchange increased by 21.0 percent to Baht 1,107 million.

Non interest expenses decreased significantly by Baht 782 million, or 8.7 percent, to Baht 8,161 million from the previous quarter.

After the one-time adjustment in provisioning expenses in the fourth quarter of 2006 to Baht 5,904 million, provisioning expenses this quarter reverted to a normal level of Baht 1,315 million, approximately the same level as in the first quarter of 2006. Without special tax-deductible expenses this quarter, corporate income tax expenses increased from Baht 349 million in the previous quarter to Baht 2,194 million, closer to the normal tax rate.

Including the net profits for the quarter less the dividend payment to be made in May 2007, the total capital adequacy ratio and the Tier 1 capital ratio for the Bank would be approximately 15.2 percent and 12.5 percent respectively at the end of March, 2007.

Shareholders’ equity rose from Baht 146,736 million at the end of 2006 to Baht 153,579 million as at March 31, 2007. Earnings per share increased from Baht 1.92 per share to Baht 2.44 per share.