Those extra funds could cushion the bank if the economy tips into recession, sending loan defaults higher. "Those are very powerful forces, and those things are going to collide at one point," he said. The bank recorded a profit of $8.28 billion in the first quarter, down from $14.3 billion a year ago. The unit also took $524 million in losses related to the bank's commodities and Russia exposure, including $120 million in trading losses tied to nickel. Fixed-income trading was down 1%, and equities trading fell 7%.

Source: Bangkok Post April 15, 2022 11:14 UTC