Thai TMB Bank cuts 2014 loan growth target

BANGKOK, Apr 17 (Reuters): Thailand's TMB Bank cut its 2014 loan growth target to between 6 per cent and 8 per cent, saying it was becoming more cautious as political tensions raise concerns about the economy.

TMB Bank, the country's seven-largest lender, had previously forecast loan growth of 8 per cent for the year. Its first-quarter loan portfolio, however, grew only 0.3 per cent from the previous quarter, leading to the revision of the outlook, Chief Executive Boontuck Wungcharoen said in a statement.

Earlier, the bank reported a 12 per cent drop in its first quarter net profit. Profit fell to 1.6 billion baht ($49.6 million) for the January-March quarter from 1.8 billion baht a year earlier, with non-performing loan at 3.85 per cent of total, down from 3.87 per cent at the end of last year.

TMB Bank is 31 per cent owned Dutch financial service company ING Groep.