GSB raises bad loan provisions by B50bnGovernment Savings Bank (GSB) aims to set aside an additional 50 billion baht in provisions against a potential increase in bad loans after the debt relief measures end, says new president and chief executive Vitai Ratanakorn. Before the debt holiday scheme started, the state-owned bank had 300,000 accounts with total loans outstanding of 70 billion baht overdue, and another 400,000 accounts with 65 billion that turned sour, he said. The bank did not specify a time frame for putting aside the 50 billion baht in loan-loss provisions. For the first five months, the bank's net profit amounted to 5 billion baht, with total lending increasing 5.6 billion to 2.16 trillion baht. GSB also plans to cut unnecessary budget for ads and marketing events, said Mr Vitai.

Source: Bangkok Post July 01, 2020 22:18 UTC