Author Topic: Banks viruscrisis  (Read 1520 times)

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SET slides as new Covid-19 cases continue rising in US
The Stock Exchange of Thailand (SET) Index dropped 15.31 points or 1.12 per cent closing at 1,350.50 today (July 10). Transactions, meanwhile, totalled at Bt64.196 billion with an index high of 1,363.28 and a low of 1,346.72.

During the morning session, a Krungsri Securities’ stock analyst said he expected the index to fall between 1,355 and 1,360 before rebounding due to uncertainty over the impact Covid-19 is having on economic recovery as the number of new cases is continuing to rise.

“In the US alone, there are more than 61,000 new Covid-19 cases daily, which has forced some states to impose lockdown measures again,” the analyst said.

“Plus, the SET Index is under pressure from the drop in the price of crude oil and the resignation of four Palang Pracharat Party executives.”

However, the analyst reckoned that the index would rebound from speculation in stocks of companies whose second-quarter performance will benefit from the weakening baht.

The top 10 stocks with the highest trade value today were STGT, AOT, CPALL, PTT, KCE, PTL, STA, PTTEP, EA and PRM.

As of 4.45pm, the price of crude oil dropped by US$0.94 or 2.37 per cent to $38.68 per barrel, while the price of gold rose by $9.10 or 0.50 per cent, to $1,812.90 per ounce.

Other indices in Asia were also on the slide:

Japan’s Nikkei Index closed at 22,290.81, down 238.48 points, or 1.06 per cent.

China’s Shanghai SE Composite Index closed at 3,383.32, down 67.27 points, or 1.95 per cent, while Shenzhen SE Component Index closed at 13,671.24, down 83.50 points, or 0.61 per cent.

Hong Kong’s Hang Seng Index closed at 25,727.41, down 482.75 points, or 1.84 per cent.

South Korea’s KOSPI Index closed at 2,150.25, down 17.65 points, or 0.81 per cent.

Taiwan’s TAIEX Index closed at 12,073.68, down 119.01 points, or 0.98 per cent.
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'NPLs the biggest challenge for banks' as Covid-19 crisis could drag into 2021
The Thai economy stares at an uncertain future because the Covid-19 outbreak is likely to prolong until the first half of 2021, Krungthai Bank (KTB) said.

KTB president Payong Srivanich said during the bank shareholders' meeting that commercial banks must beware of this factor, as it may cause non-performing loans (NPLs) to increase, adding that commercial banks must set up debt reserves to maintain stability in the long term.

"The bank will evaluate the situation periodically by focusing on preventing risks to maintain stability in the long term and adjust the loan portfolio to cope with risks," he said. "In 2019, the bank had adjusted the direction by focusing on maintaining loan growth and reducing NPLs."

He said the bank must set up more debt reserves from the second quarter of this year onwards to prevent risks and uncertainties due to the economic slowdown and coronavirus outbreak. He added that the bank had set up 100 per cent debt reserve to cope with risks from granting loans to Thai Airways International (THAI), which will be added in the second-quarter performance report.

"Risks from granting loans to THAI will cause less impact on the bank because we granted short-term loans to be used as circulating funds," he said. "We believe that THAI's rehabilitation plan will be approved by the court, while we will cooperate with creditors and debtors closely to maintain the bank's benefits."

He said the bank was waiting for the Bank of Thailand (BOT) to issue guidelines for the second phase of measures to help debtors, adding that the guidelines would help commercial banks to assist debtors in the same way.

"The bank will take care of customers as much as possible, such as postponing the debt payment, restructuring the debt," he said. "BOT and the Thai Bankers Association will discuss this issue closely."

He added that the meeting haD approved the allocation of net profits of 2019 for interim dividend payment.

"The bank's net profit in 2019 was Bt26.325 billion of which Bt4.99 million was dividend for preferred shares, Bt10.523 billion was dividend for common shares, and Bt15.796 was remaining profits to be paid in the next period. Preferred shareholders will receive a dividend of Bt0.9075 per share, while common shareholders will receive a dividend of Bt0.753 per share," he said. "We do not have to allocate net profits in 2019 as reserve funds because the bank has already allocated it."
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Bank deposits swell as investors avoid risk assets in uncertain times

Despite lower interest rates this year, bank deposits have risen sharply as investors have stayed away from investment in risk assets.

Banks' deposits as the end of May shot up by 8.76 per cent to Bt 14.63 trillion, an increase of Bt1.18 trillion from the end of last year.

Liquidity has flooded the banking system as investors delay investment in risk assets and put their money into bank accounts instead, Adisorn Sermchaiwong, president and chief executive officer at CIMB Thai, said.

He said CIMB bank’s deposits rose to Bt216 billion at the end of May, up from 199 billion at the end of last year.

“Despite lower interest rates, banks have excess liquidity, as people do not know where to invest. Money is expected to continue flowing into banks but in smaller amounts,” he said.

Some may start to invest in corporate bonds, as the spread of Covid-19 has been contained in Thailand, he added.

Thaweelap Rittapirom, executive vice president at Bangkok Bank (BBL), said investors were cautious about making new investments so they had parked their money in banks. Banks' deposits are expected to remain high until the end of this year, he said.

BBL had deposits of Bt2.5 trillion at the end of May, up from Bt2.3 trillion at the end of last year.

He said that rising deposits did not increase the cost for banks, as bankers could find ways to manage the increasing liquidity.

Karnchana Chokpaisarnsil, director at Kasikorn Research Centre, said banks had cut their interest rates in response to the cut in the key policy rate by the Bank of Thailand, which has lowered its policy rate to 0.50 per cent.

She pointed out that deposits in March rose by Bt750 billion, by Bt238 billion in April and by Bt55 billion in May.

Deposits rose 12 per cent year on year in the first half of the year and are projected to rise 9-12 per cent for the whole year, up by Bt1.4 trillion to total Bt14.6 trillion, the largest deposit pool in nine years.

Naris Sathapholdeja, head of TMB Analytics, said the increase in deposits was at the expense of mutual fund management businesses. Assets under management (AUM) of the mutual fund industry dropped by about 10 per cent from the end of last year. AUM at the end of May was worth Bt4.81 trillion, down from Bt5.38 trillion at the end of last year.

In March, AUM of mutual funds decreased by 15.3 per cent as investors were wary of risk assets.

“The flow into bank deposits partly came from investment funds, driving bank deposits up to Bt14.6 trillion in the first five months of the year, up 13.59 per cent year on year, or 8.76 per cent up from the end of last year,” he said.

Among the five largest banks, Krungthai Bank’s deposits rose by 10.75 per cent, Kasikornbank’s by 10.16 per cent, BBL’s by 8.95 per cent, Krungsri’s by 6.27 per cent and Siam Commercial Bank’s by 3.82 per cent year on year in the first five months of this year. Bank deposits have risen two times faster than lending, he added.
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Virus-hit Singapore plunges into recession as economy shrinks 41%
(AFP) – Singapore plunged into recession in the second quarter as growth fell 41.2 percent quarter-on-quarter with the trade-dependent economy hammered by the coronavirus, preliminary data showed Tuesday.

Year-on-year, the economy shrank 12.6 percent between April and June, according to the data from the trade ministry, as strict curbs were imposed to fight the virus.

It marks the second consecutive quarter of contraction, meaning that the city state — which has one of the world’s most open economies — has entered a recession for the first time in more than a decade.

The massive second-quarter drop in GDP was due to “measures that were implemented from 7 April to 1 June to slow the spread of COVID-19, which included the suspension of non-essential services and closure of most workplace premises,” the ministry said in a statement.

It also attributed to the contraction to “weak external demand amidst a global economic downturn”.

Tiny Singapore, viewed as a barometer for the health of global trade, is highly sensitive to external shocks, and the gloomy figures are another ominous sign for the global economy.
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Bangkok property market takes Bt150bn hit ‘with worse to come’
The virus crisis has wiped a whopping Bt150 billion off the value of the residential market in Bangkok and surrounding provinces, Krungthai Bank research revealed today.

Meanwhile, the reservation rate for new apartments and houses fell from 20 per cent in the fourth quarter of 2019 to 15 per cent in the first quarter of 2020 before falling again in the second quarter to 12 per cent.

Phacharaphot Nuntramas, director of the bank’s Compass research centre, said the property business has been hit hard by the Covid-19 crisis, with demand for new residences still falling.

Domestic consumers have been affected by an economy expected to shrink by up to 8.8 per cent this year, while foreigners – especially the Chinese – were hit by lockdown measures that hindered purchase or transfer of ownership, he added.

The research centre estimates the value of the residence market in Bangkok and nearby provinces has dropped by 27 per cent from Bt570 billion to Bt420 billion.

The director said that businesses may have to suspend construction of new projects until the economy recovers.

“Unsold stock could expand by 5 per cent this year to reach 185,000 units, although developers have cut new projects by 40 per cent compared to the last year,” he added.

He estimates the residential market will take four or five years to return to levels seen before the virus outbreak.

Phacharaphot also expressed concern over the trend of non-performing loans in the property and business sectors, saying it needed to be monitored
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Re: Banks viruscrisis - Bank shares take hit as Q2 results revealed
« Reply #35 on: July 21, 2020, 10:38:48 AM »
Bank shares take hit as Q2 results revealed
The value of bank shares dropped today as financial institutions began releasing second-quarter results that were worse than expected.

As of July 20, the share value of Thailand’s top five banks with market capitalisation over Bt100 billion – namely Kasikorn Bank (KBank), Siam Commercial Bank (SCB), Bangkok Bank (BBL), Bank of Ayudhya (BAY) and Krungthai Bank (KTB) – fell by 3.60 per cent, 3.37 per cent, 2.74 per cent, 1.85 per cent, and 0.95 per cent, respectively.

The first two banks to release second-quarter results were Tisco Financial Group (Tisco) and KBank.

Tisco's second-quarter net profit was Bt1.33 billion, down 26 per cent year on year. The figure was 15 per cent lower than market expectation due to a net interest margin (NIM) that dropped to 4.32 per cent from 4.6 per cent in the previous quarter after the bank cut interest to help debtors.

Tisco's non-performing loans (NPLs) rose from 2.56 per cent in Q1 to 3.28 per cent due to the economic slowdown. The bank revealed that only 10 per cent of debtors opted to postpone their debt repayments.

Meanwhile, KBank's second-quarter net profit was Bt2.17 billion, down 78 per cent from the same period last year of Bt9.92 billion, while net profit in the first half of this year was Bt9.55 billion, down 52 per cent from last year’s Bt19.9 billion. The bank's NPLs at the end of June this year rose to 3.92 per cent from 3.65 per cent at the end of 2019.

An analyst at Kasikorn Research Centre (KResearch) said that with debt repayments hit by the economic slowdown, the proportion of NPLs to total loans is expected to increase from 3.05 per cent in the first quarter to 3.4 per cent in the second quarter.

"Meanwhile, credit costs to total loans will rise to 1.65-1.9 per cent from 1.46 per cent in the previous quarter due to increasing credit risks," the analyst said. "Every 0.1-per-cent rise credit cost will reduce banks' net profit by about Bt3.3 billion to Bt4 billion."

The analyst said that banks will plan their business strategy based on an economy hit hard this year, and it may take years for issues like debt quality to return to normal.

"Although the economy is likely to improve next year, NPLs are also likely to increase in the next one or two years, causing several banks to set up more allowance for doubtful accounts," the analyst said.

"We expect banks’ second-quarter net profit to drop by 42-52.2 per cent to Bt26.8 billion-Bt32.5 billion due to the decline in NIM [net interest margin] which we expect will drop to 2.2-2.5 per cent from 3 per cent in the first quarter.

Nuttachart Mekmasin, a research analyst at Trinity Securities, said the decline in bank profits showed that the Bank of Thailand (BOT)’s measure to postpone debt repayments cannot reduce NPLs because the quality of debtors who did not participate in the project has dropped sharply, adding that this factor would cause banks to pay low dividends.

"The consensus is that the banks will pay the same dividends as last year," he said. "However, investors may be disappointed because under the pressure of the current situation banks may not be able to match last year’s dividends, while disappointment among investors may cause the price of bank shares to drop."

He said the share prices would, however, not drop sharply because they were lower than the book value, adding that bank share prices are expected to fluctuate in a narrow range.

"We advise investors to avoid investing in this group because the dividend is likely to drop over 3 per cent," he added.

An analyst at Asia Plus Securities expected the NPLs to increase from 2.4 per cent at the end of 2019 to 4.7 per cent at year-end 2020, adding that the increase may spark negative sentiment for bank shares in the short term.

"Therefore, we advise investors to delay investment in bank shares until they announce the second-quarter performance," the analyst said. "Also, we advise following announcements on banks’ NPLs, loan classification, credit losses, and the number of debtors participating in the loan payment holiday measure."
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Recovering Thailand doesn't need IMF bailout: Veerathai
Thailand has no need to ask for help from the International Monetary Fund despite Covid-19 causing a sharp economic contraction, capital outflows and deterioration in the labour market, says the central bank’s chief.

Bank of Thailand governor Veerathai Santiprabhob acknowledged on Monday (July 20) it would take time for the economy to recover to pre-pandemic levels. But he vowed to extend this year’s Bt500-billion soft loans package into next year to fuel the recovery.

Veerathai was speaking at the central bank’s symposium on how local businesses can survive in the post-Covid-19 era.

The pandemic has hit economies around the world hard, prompting over 100 countries to ask for IMF rescue packages. But Thailand would not be one of them, said the BOT chief.

“For people raising concerns over whether we will have to ask for IMF help, the answer is that we do not need it, despite 102 members already requesting IMF aid,” said Veerathai.

The Thai economy is expected to fall further than many in the region this year, with worse to come in the second quarter before it gradually recovers, he said, forecasting the economy could return to pre-Covid-19 levels by the end of next year.

He said that no single policy could handle the current crisis effectively, and the government needs to coordinate many policies and measures.

For its monetary policy, the central bank has this year cut its key policy rate three times to a historic low of 0.5 per cent.

Capital has flowed out of the country but not at an alarming rate, given that Thailand is still running a small current account surplus. So the country could maintain a low interest rate, he said. However, local financial markets are also flooded with liquidity, which together with excess liquidity in the global market could cause the baht exchange rate to fluctuate greatly, he cautioned.

“The central bank’s biggest concern is employment, because the Covid-19 pandemic has adversely affected the labour market in both the services and manufacturing sectors, where large numbers of workers were laid off,” he said. Even if the pandemic situation improves, many workers may not be able return to work, he warned.

He pointed out that current overcapacity and many factories had also installed robots to replace workers.

As a result, new graduates will find it more difficult to get jobs over the next two years.

“The challenge during this two-year period of how to ensure new graduates aren't scarred is a cause for concern,” he warned.

He was optimistic, however, that bad debt in the banking system will not lead to a repeat of the 1997 Asian financial crisis.

“The impact of Covid-19 will definitely see non-performing loans [NPLs] rise, but as we have implemented preemptive measures, NPLs will not spike,” he said.

Debt restructuring  will allow everyone to survive and avoid the prospect of a 1997 financial crisis scenario, he said.

Regarding its soft loan package, the central bank will extend the deadline for applications from the end of this year to the end of 2021, he said.

Moreover, the central bank is in talks with the Thai Credit Guarantee Corp(TCG) over credit insurance after the two-year soft loan package ends, Veerathai added.

The central bank predicts the Thai economy will contract 8.1 per cent this year as exports and tourism are hard hit by the virus crisis. It forecasts the economy will now gradually start to recover as lockdown restrictions have been eased.

Meanwhile, Somkiat Tangkitvanich, president of the Thailand Development Research Institute, predicted a rise in the number of poor along with a deterioration of the government’s fiscal position in the next five or six years.

The virus impact will see more people working from home. For businesses to survive, they have to cut costs, diversify risk and connect with networks. Holding cash will be the best option, he suggested.

Strong businesses may have an opportunity to acquire small regional businesses at cheaper prices. New businesses may emerge, as did e-commerce giant Alibaba when SARS hit China last decade, he added.
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Banks tighten loan conditions as virus crisis deepens

Commercial banks are tightening their loan conditions as Covid-19 continues to take a severe toll on the economy.

Kiatnakin Bank said it is focusing more on customers’ capacity to make repayments, and was getting stricter in issuing all kinds of loans, particularly small ones.

The bank’s president Philip Chen Chong Tan said down payment for a car loan had been increased from 5 per cent to 10 per cent, adding that stricter screening of customers’ information and income was in place.

Kiatnakin Bank has also cut availability of loans for freelancers, though issuing criteria remain the same for salaried workers.

Likewise, the Bank of Ayudhya (BAY) is being more careful in issuing loans to both old and new customers. Old customers faced new limits on extending their credit line while new customers would find it harder to obtain loans, said Thakorn Piyapan, head of Krungsri Consumer.

Krungsri Consumer is also considering raising the salary threshold for loan applicants to Bt20,000 per month. Currently, customers need to earn at least Bt12,00 per month to obtain a personal loan and Bt15,000 to receive a credit card.

However, due to numerous conditions it would not be easy to change the criteria, he said.

At Siam Commercial Bank, president Apiphan Charoenanusorn said it had become more cautious about issuing loans to customers without collateral.

She added that fewer applicants were managing to obtain loans, since their incomes had dropped amid the crisis while the bank’s criteria remained unchanged.
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Bank stocks slide at concern over bad debt, weak performance
Bank stocks have dropped an average 6.2 per cent over the past week as the virus crisis grips Thailand’s financial sector, experts reported today.

Meanwhile the Stock Exchange of Thailand (SET) fell by 4.1 per cent from 1359.65 to a low of 1,303.25 before rebounding to 1,328.53 at the close on Friday (July 31).

Pasakorn Wangvivatchareon, a research assistant at Asia Plus Securities, said the fall in banking shares was due to banks’ weak second-quarter performance, allowance for doubtful debts, and lack of positive sentiment.

"Banks' asset quality is likely to deteriorate further after the Bank of Thailand [BOT]'s debt payment holiday expires, while market volatility and the BOT’s move to hold off payment of banks’ interim dividends would also pressure the share price," he said.

However, he said banking stocks would not drop sharply because banks' price-to-book value was already at a low of 0.4.

"Signs of economic recovery will lift the price of bank shares," he said. "However, we still weigh investment in banks lower than the market due to various uncertainties."

Meanwhile, a Tisco Securities stock analyst advised investors to monitor banks' move to set up allowances for doubtful debts as this would affect their performance in the second half of this year.

"Banks that have set up allowances in advance are Bangkok Bank (BBL) and Kasikorn Bank [KBank], while those gradually setting up allowances are Siam Commercial Bank [SCB] and TMB Bank," the analyst explained.

Most banks expected up to 40 per cent non-performing loans (NPL), the analyst said.

Small and medium enterprises under BOT relief measures accounted for about 40 per cent of total loans.

"We expect NPLs to reach the maximum by the second half of 2021," the analyst added.

KBank’s board of directors recently approved the sale of 23.932 million stocks it bought back earlier this year at Bt134 apiece, paying Bt3.207 billion. The bank looks set to lose about 38 per cent on that deal, given its July 30 share price of Bt82.50, when it offers the shares from August 31 to September 16.

"If we cannot sell stocks, the bank's capital funds are still sufficient to continue business," Chongrak Rattanapian, KBank senior executive vice president, said. "At present, the bank's capital funds at the end of June this year were 18.09 per cent of which 15.38 per cent was tier 1 capital. The bank's loans to deposit ratio [LDR] was 92.15 per cent."
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Re: Banks viruscrisis - Falling economy bottomed out + improved in June
« Reply #39 on: August 01, 2020, 10:35:49 AM »
Falling economy has bottomed out, says BOT
The falling economy has bottomed out, but unemployment remains a serious concern, said the Bank of Thailand (BOT) today.

Don Nakornthab, a BOT senior director, said five economic engines – consumption, private investment, exports, imports, and manufacturing – showed signs of improvement in June although all remained in negative growth territory.   full article

Thai economy improved in June: Central bank

The Bank of Thailand (BOT) reports that the economy improved in June due to gradual relaxation of lockdown measures that aided resumption of economic activities. As a result, goods exports (excluding gold), private consumption and private investment indicators, and manufacturing production contracted at a lower rate than in May, said the BOT’s latest report on Economic and Monetary Conditions.

Headline inflation remained negative but edged up due to a rise in domestic retail petroleum prices.

Core inflation was slightly negative, consistent with weak domestic demand. The labour market remained vulnerable as jobless claims rose.

The current account was balanced.

Meanwhile, public spending expanded both in current and capital expenditures.

However, the tourism sector continued to contract substantially as foreign tourist arrivals stayed at zero for the third consecutive month due to Thailand’s inbound travel restrictions.

Overall economic stability remained vulnerable, according to the central bank.

The capital and financial accounts posted a surplus in both the asset position – owing to the net sell in debt securities and the withdrawal of deposits abroad by Thai investors – and the liability position, owing to the net buy in debt securities by foreign investors.

The value of goods exports fell by 24.6 per cent in June from the same period last year, slightly higher than the previous month. Excluding gold, however, the rate of contraction fell sharply to 18.4 per cent from 29.0 per cent last month. This was due to improvement in exports in almost all categories. Nevertheless, export values still shrank at a high rate, especially automotive and parts, machinery and equipment, and petroleum-related products, reflecting weakening income of trading partners.

Private consumption indicators contracted at a lower rate compared with the previous month fuelled by consumer spending coupled with government relief measures. However, private consumption indicators still fell sharply in line with weak household income and low consumer confidence. Manufacturing production contracted at a lower rate in almost all industries, consistent with the improvement of exports and private consumption.

Meanwhile, private investment indicators contracted substantially but at a slower pace than the previous month due to higher investment in machinery and equipment from domestic machinery sales, newly registered vehicles, and imports of capital goods. Meanwhile, construction investment contracted at a higher rate on reduced construction material sales.

The value of merchandise imports contracted by 18.2 per cent from the same period last year, improved from the previous month in all major categories including consumer goods, raw materials and intermediate goods, and capital goods. This was partly due to a low base effect last year.

Public spending, excluding transfers, expanded from the same period last year in both current and capital expenditures. Current expenditure rose slightly from purchases of goods and services. Capital expenditure expanded sharply due mainly to disbursement of government budget for road maintenance. However, state enterprises’ capital expenditure contracted.

The BOT reported that overall economic activity in the second quarter of 2020 substantially contracted as a result of economic disruption from Covid-19 containment measures in Thailand and abroad. External demand contracted sharply in the tourism sector and exports. Consequently, domestic economic activities were affected especially private consumption and private investment indicators as well as manufacturing production. However, public spending expanded and played an important role in supporting the Thai economy.

On the stability front, headline inflation was negative mainly from a decline in energy prices, while core inflation was slightly positive. The current account posted a small deficit compared with a large surplus in the previous quarter, attributed to a drop in tourism receipts and seasonal remittance of profits and dividends by foreign businesses operating in Thailand. The capital and financial accounts registered a surplus from the asset and the liability positions.
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Re: Pandemic gives impetus to online banking
« Reply #40 on: Yesterday at 01:29:55 PM »
Pandemic gives impetus to online banking

Commercial bank have said that the Covid-19 outbreak will make more customers opt for online services.

Siam Commercial Bank (SCB) saw 900,000 customers opt for online banking, while the number of online accounts jumped by 83 per cent, with the number of online customers expected to reach 13 million by the year-end.

Krungsri revealed that its app usage had jumped 41 per cent, while account opening had surged 410 per cent, showing all banks encountering additional challenges and faced with the need to accelerate the promotion of mobile-production to attract customers online.

SCB president Arak Sutivong said that in the past 2-3 years, the bank had seen a shift in customers who have increasingly migrated to digital channels, especially with financial transactions via mobile banking while the advent of a new species of coronavirus, or Covid-19, has become a catalyst for faster change in consumer behaviour.

He expected more focus on mobile banking when the Covid-19 pandemic is fully contained. The SCB Easy App downloads is expected to increase to 13 million from 11.3 million users in the first half of the year, accounting for about 70 per cent of the total 16 million SCB customers.

This year, the bank has 898,000 new customers with a 71 per cent active user ratio. In addition, online account opening has grown by over 83 per cent. Digital loan applications via digital lending SCB Easy also increased with an increase of approximately 41 per cent.

Meanwhile, Rottapron Ekabutr, senior executive of Krungsri Bank, said that the number of transactions via the bank's mobile banking channel KMA saw a big leap after the Covid-19 crisis. The number of KMA users has increased by 35 per cent and the number of active accounts or continuous transactions increased by 50 per cent compared to the same period last year.

PromptPay transactions via KMA showed a 200 per cent growth over the previous year. Likewise, the amount of online savings accounts opened throughNational Digital ID authentication and Krungsri i-Confirm service has seen high growth. The number of accounts opened has seen a 410 per cent growth compared to the first quarter of the year, while the total amount of financial transactions in the second quarter was 740 million items with a total value of over Bt302 billion.

"When looking at past financial transactions, both money transfers, PromptPay, and non-ATM money withdrawals the Covid-19 crisis is the accelerator that makes every transaction grow online. For example, money transfers grew by 80 per cent, payments for administrative goods grew by 21 per cent, additional top-ups 24 per cent and cardless ATM up to 2.7 million times, or an increase of approximately 37 per cent from the same period last year," said Rottapron.

However, he believes that these changes in consumer behaviour will accelerate Thailand's progress to a cashless society. Therefore, it is a challenge for all banks to accelerate and develop mobile apps to suit the new lifestyle along with system security. The banks must accelerate the development of the business model to be able to present new products and services that meet the needs of customers, he said.
Anyone who goes to a psychiatrist should have his head examined.