KASIKORNBANK Economic and Subsidiaries Performance Overview
Billion Baht
Billion Baht
K
KASIKORNTHAI
ธนาคารกสิกรไทย
开泰银行 KASIKORNBANK
Monetary and fiscal expansion raises financial stability concerns
In contrast with the Fed, the BOT has maintained interest rate
to support the economy amid COVID-19 outbreak
Thailand has enough FX reserves
to meet all internal and external obligations
FX Reserves
%
BOT Policy Rate
Fed Funds Rate -Lower Bound
6.00
Fed Funds Rate -Upper Bound
5.00
4.00
3.00
2.00
Net Forward Position
$ Billion
$ Billion
■3 months of imports
Reserves backing banknotes
■ST external debt
300
300
$245.8 bn
$251.9 bn
250
250
200
200
73.9
150
216.6
220.8
150
$223.92 Billion
68.4
100
100
50
50
81.6
1.00
0.00
0
29.2
2022-end
31.1
0
July 2023
Source: BOT and KResearch
Last Update: August 10, 2023
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23
Sources: BOT, Federal Reserves and KResearch (as of August 2023)
Excess liquid assets in Thai commercial banks slightly fell
Million Baht
5,000,000
■Due to high inflationary pressures, the Fed decided to raised
its policy rate to 5.25-5.50% in July 2023
■Monetary easing leads to a massive exodus of capital from 4,000,000
emerging markets and worsens exchange rate depreciation
in 2022. However, Thailand's external stability will likely be 3,000,000
maintained
■The Thai banking system excess liquidity fell slightly. The
CAR was good (19.02% as of June 2023) and NPL ratio was
still manageable (2.68% as of 1Q23), with net profits of
Bt123.1 billion in 1H23
%LCR
191.9 190.2
187.7
183.5 184.7
183.8
176.9
178.1
173.8
2,000,000
2016 2017
2018 2019
Liquid Assets
2020 2021
2022 1Q23 2Q23
-LCR (%)
Note: BOT has imposed the Liquidity Coverage Ratio (LCR) Framework which replaces the maintenance 6% reserve
requirement. Regarding the LCR framework, all banks shall maintain high-quality liquid assets not less than net expected
cash outflow over the next 30 days. The LCR was implemented on January 1, 2016, with the minimum requirement set at
60%, rising in equal annual steps of 10 percentage points to reach 100% on January 1, 2020
บริการทุกระดับประทับใจ
K
KASIKORNTHAI
Other Figures
Thai Bond Market Size (Gov't and Private bonds)
ธนาคารกสิกรไทย
开泰银行 KASIKORNBANK
Bond Yields
18,000
100
88.8 91.0 90.9 91.8
16,000
14,000
63.3 64.4 64.8 69.4 69.6 70.2 72.9 74.5 73.6
78.1 78.7
12,000
10,000
53.9 52.4
8,000
6,000
4,000
2,000
0
× ៩ ៩ ៩ ៖ 8 8 3 8 8 គឺ
90
%
3.5
3.0
2.5
2.1
2.2
2.3
2.3
2.4
2.4 2.4
2.5
2.5
2.6
2.6
.8
% to GDP
2.0
1.5
1.0
0.5
0.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1H23
Thai Bond Outstanding (LHS)
Bond Market Size to GDP (RHS)
6M 1Y
-*-Dec 19
2Y
3Y 4Y
-Dec 20 -⚫ Dec 21
5Y
6Y
7Y 8Y 9Y
--Dec 22
10Y
15Y
Aug 10, 2023
1,200
1,000
Foreign Holdings of Thai Bonds
800
600
4.0%
5.9%
400 -1.0%
1.5% 1.1%
200
49
76
0
2007 2009 2011
8.3% 8.4%
2013
Current Account and FX Reserve
USD Billion
50,000
USD216.6 bn (2022-end)
USD Billion
300,000
10%
8.2% 7.9%
7.4%
7.1%
6.9% 6.9%
8%
6.0% 6.4%
6.1%
6.3%
6%
4%
2015
2017
2019
% of Thai Bond Market (RHS)
2021
0%
Jul-23
% of Total Bond Outstanding
40,000
250,000
30,000
200,000
20,000
150,000
10,000
100,000
0
-10,000
50,000
USD-14.7 bn (2022-end)
-20,000
0
1993
1997
2001
2005
2009
2013
2017
2021
Foreign Holding Outstanding (LHS)
Source: BOT and ThaiBMA
บริการทุกระดับประทับใจ
Current Account (LHS) --FX Reserves (RHS)
166
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