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Finance

Thai megabanks post lowest net profit in 10 years due to pandemic

Second COVID wave makes 2021 recovery far from certain

The COVID-19 pandemic battered the results of Thailand's four major banks in 2020. (Source photos by AP and Yumi Kotani)

BANGKOK -- Thailand's megabanks reported less profits and more nonperforming loans in 2020, as the pandemic slowed Southeast Asia's second-largest economy and pushed domestic businesses into a corner.

The combined net profit of the country's four major banks in 2020 fell 37% from the previous year to 90.6 billion baht ($3 billion), the lowest in a decade. Since the end of December, the country has been hit by a second wave of COVID-19, clouding the economic outlook and threatening the bottom line of major banks.

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