BAY Revises Down 2020 Financial Target, Cutting Loan Growth to 3-5%

Bank of Ayudhya Public Company Limited (BAY) has revised its 2020 financial target in the category of loan growth, non-interest income growth, and provision in alignment with the current economic conditions and operating environments to shareholders.

BAY revised down its loan growth (net) in 2020 from 5-7% to 3-5%. Non-interest income growth was cut from -3% to 3% to -10% to -15%, while provisions were raised to 180-200 bps compared to the previous estimate of 130-150 bps.