As a sector its earnings grew 25% YoY with KK, BAY, KBANK, and KTB showing incredible earnings growth. The combination of a recovering Thai economy from the 2011 floods, automobile incentive scheme, housing schemes, reduction in corporate income tax from 30% to 23% all boosted their earnings strongly. Going forward however the same elements aren’t there, corporate income tax still reduces further from 23% to 20% but the government policies from last year won’t be around although in 2014 with the THB 2.2 trn infrastructure spending coming online there may be additional loan growth then. 











Source: Bangkok Post

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