Thanachart Bank announced a 1.1 per cent quarter-on-quarter profit increase to 3.82 billion baht. It is the 14th consecutive quarter of profit growth for the bank.
There were fears that due to the removal of digital transaction fees in April 2018, the company would underperform, but net interest income increases more than made up for any shortfall.
Indeed quarterly net interest income rose to 7.69 billion baht, a 5.49 per cent increase from the year before.
For the first half year, Thanachart Bank earned a net profit of 7.6 billion baht, a significant increase form the 6.6 billion baht for the same period in the previous year.
Car sales expected to be strong according to the FTI
According to the Federation of Thai Industries (FTI) the car industry is expected to have a good period ahead, although the motorcycle market may lag somewhat.
Spokesman for the FTI’s automotive industry club, Surapong Paisitpatanapong, was quoted as saying, “In the domestic market, we think launching new models can stimulate the market because retail prices below 800,000 baht per car are very attractive for motorists to buy new cars. But is still hard to forecast whether the market this half will remain bullish,” adding, “The export outlook has performed better than expected as the country’s main destination, the Middle East, has resumed economic growth on rising oil prices.”
Initial expectation is for yearly output to top 2.1 million vehicles, an increase of 100,000 units from the previous figure of 2 million. For the first half of the year output stood at 1.057 million units, an eleven per cent increase on the year before.
In contrast the local motorcycle market contracted slightly, although full year projections are expected to show a flat year overall. According to a registrations report from the Land Transport Department, registrations for new motorcycles in the first half stood at 934,747 a reduction of 1.6 per cent.
Mr. Surapong was also quoted as saying, “Motorcycle buyers are completely different from car buyers, and many working-class people cannot afford to buy cheap eco-cars, explaining why the car market [which attracts another income segment] has grown while the motorcycle market has dropped,”
Oppo targets high-end smartphone market.
Even though the Thai smartphone market is saturated, and has been for some time, Oppo is aiming high with its sights set on the high-end market.
Executive vice-president of Thai Oppo Co., Chanon Jirayukul, was quoted as saying, “The Thai smartphone market in 2018 will continue to contract by up to 5% in terms of units,” adding, “However, it will grow in value by a single-digit rate as users migrate to higher-priced devices.”
For the first quarter of 2018, Oppo ranked second in the local market. The company will launch new high-end flagship models with AI enabled 25mp camera technology and a fast charge feature, which will enable phones to be fully charged in just half an hour.
Mr. Chanon was also quoted as saying, “We see opportunity in the high-end smartphone market that is currently dominated by a few players,” adding, “Oppo has strong brand recognition after operating for 10 years in the Thai market.”