Ten major Thai commercial banks have reported a combined net profit of over 53 billion baht ($1.56 billion) in the first quarter of 2022, up 14.4 per cent from the same period last year.

The increase was attributed to higher interest revenue earned from new loans and lower coverage ratio for non-performing loans.

Those 10 banks reported net profit totalling 53.3 billion baht in the first quarter, up by 6.7 billion baht from the same period last year.

CIMB Thai’s net profit amounted to 1.1 billion baht, a 211 per cent jump from the first quarter of last year. That was the largest gain in terms of percentage points among the 10 major banks.

Krungthai Bank came second with its net profit increasing 57.4 per cent, followed by Kiatnakin Phatra Bank with a gain of 40.5 per cent, TMB Thanachart (14.8 per cent), Bank of Ayudhya (14 per cent), Kasikornbank (5.4 per cent), Bangkok Bank (2.8 per cent), Tisco Bank (1.8 per cent), and Siam Commercial Bank (1 per cent) as its net profit increased to 10.2 billion baht.

However, LH Financial Group, which runs LH Bank, reported an 8.7 per cent decline in net profit, gaining 511 million baht in the first quarter, compared to 560 million baht in the same period last year.