BANGKOK -(Dow Jones)- State-owned Export-Import Bank of Thailand expects its credit extension this year to exceed its THB19.70 billion ($579 million) target, thanks to healthy loan approvals during the first half despite slowing international trade activities, President Apichai Boontherawara said Monday.A capital injection of THB5 billion by the government, due by September, will also support the bank's activities in providing aid to troubled exporters suffering from weakening demand, Deputy Finance Minister Pruttichai Damrongrat told a conference.
During the first six months of this year, the bank has granted THB13.37 billion worth of new loans and export guarantee facilities, up from THB10.90 billion in the same period a year ago.
The bank posted a net profit of THB104 million for the period, up from THB58 million in the first six months of last year.
Based on raw customs data, Thailand's exports in the first half plunged 23.5% to $68.21 billion while imports fell 35.4% to $57.22 billion.
As of end-June, outstanding loans amounted to THB46.21 billion while export guarantee obligations totaled THB13.07 billion. Nonperforming loans dropped to 8.84% of total loans from 9.24% at the end of last year due to debt restructuring attempts.