October 11, 2017 / 11:42 AM / a year ago

Thailand's Tisco bank growth meets market expecations

BANGKOK, Oct 11 (Reuters) - Thailand’s Tisco Financial Group reported a 25.8 percent jump in third-quarter earnings to 1.57 billion baht ($47.32 million), driven by the country’s expanding tourism and export sectors.

Tisco, Thailand’s seventh largest lender by revenue, is the first bank to report earnings and could give an indication of the sector’s performance as larger banks report results in the weeks ahead.

It said operating income grew 7.8 percent from last year, while net interest income after impairments for bad loans rose 29.7 percent.

Overall growth was supported by the expansion of “the export sector, private consumption and the tourism sector,” the company said in a statement.

Non-performing loans (NPL) dropped 3.3 percent from the last quarter to 169.51 million baht, during a year where NPL ratios among Thai banks were said to have peaked by the end of the second quarter.

$1 = 33.1800 baht Reporting by Chayut Setboonsarng, editing by Louise Heavens

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