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Low Interest Rates Likely to Dent Bank-Operating Profits, Thai Executive Says.
Byline: Darana Chudasri
Jul. 7--Falling interest rates could cut into bank operating profits for the third quarter, cautioned Banthoon Lamsam, president of Kasikornbank.
"Over the past two weeks, it's clear that things have changed. No one is listening to anyone else. If anyone announces an interest rate change, the rest have to fall in line," he said.
"Price competition is only set to increase steadily in the future."
Local banks have been cutting interest rates sharply in the past several weeks, as excess liquidity continues to build up in the money markets and net lending growth remains relatively flat.
Savings deposit rates have now fallen to historic lows of just 0.75 percent, with deposits down to just 0.25 percent for institutional clients.
Lending rates have also fallen sharply, with the largest banks now quoting minimum lending rates of just 5.75 percent and minimum retail rates of around 6.25 percent.
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