As of March 2024, Bangkok Bank was the largest bank in Thailand, with total assets of around 4.51 trillion Thai baht. Other leading banks in terms of total assets were Kasikorn Bank and Krungthai Bank, which were also considered Thailand's leading commercial banks.
Thailand’s banking market
Despite Bangkok Bank being the largest in terms of total assets, other leading banks in Thailand also include Siam Commercial Bank, Kasikorn Bank, and KrungThai Bank which leads the banking market in terms of net profit. Despite the vast array of financial products and services offered by the major banks, the financial health of these commercial banks is largely determined through the quality of a bank’s loans, which is ultimately driven by the size of non-performing loans. Despite the recent COVID-19 pandemic, banks in Thailand have managed to maintain the quality of their loans through the issuance of soft loans and debt restructuring.
Towards digital banking
Driven by the high number of mobile phone subscribers and internet penetration rate in Thailand, financial activities have continued to evolve to accommodate more digital platforms. The leading banks in Thailand have now implemented diverse mobile applications and websites to cater for the widening range of online financial activities. In 2017, the Bank of Thailand together with the ministry of finance introduced PromptPay as an easy way to transfer money digitally by using the user’s phone number. Ever since its release, the platform has continuously contributed to the constant rise in Thailand’s digital banking scene.
