BAAC reaps nearly 5 billion baht in profits

[webfact]

BAAC reaps nearly 5 billion baht in profits

BANGKOK, 30 October 2014 (NNT) – The Bank for Agriculture and Agricultural Cooperatives (BAAC) has collected nearly 5 billion baht in revenue as it celebrates the 48th anniversary today.

According to the BAAC, the bank had over 1,700 trillion baht in total loans from April to September this year, which is an increase of 8.38 percent since the beginning of this year. 1 trillion of these loans were given to farmers, whereas another 700 billion was spent on government projects.

The BAAC also had a total savings of 350 billion, which earned the bank a net profit of 4.9 billion baht. Non-performing loans (NPLs) were also lower than last year by 1 percent. The bank said it was confident in its ability to provide loans in the rice scheme given its cash flow.

It is expected that farmers would bring in 200,000 tons of rice the government and the scheme would prevent an oversupply of rice in the market and increase the rice price.


-- NNT 2014-10-30

[seajae]

doesnt appear they are too concerned with the billions they are owed from the rice scam, maybe yl has told them that her and her brother will take care of them.

[clockman]

How transparent is this bank?

[JOC]

doesnt appear they are too concerned with the billions they are owed from the rice scam, maybe yl has told them that her and her brother will take care of them.

They are owed nothing, since they were merely the middlemen!!

The "lack of money" was ordered by the EC!! Independant as ever.

[JOC]

How transparent is this bank?

How transparent is any bank??

[Commerce]

How transparent is this bank?

How transparent is any bank??

About as transparent as 2,000 army generals? ? ?

[Magnify]

How transparent is this bank?

How transparent is any bank??

.

About as transparent as a Chalerm's assets declaration report.

.

Edited October 30, 2014 by Magnify

[Baerboxer]

doesnt appear they are too concerned with the billions they are owed from the rice scam, maybe yl has told them that her and her brother will take care of them.

They are owed nothing, since they were merely the middlemen!!

The "lack of money" was ordered by the EC!! Independant as ever.

Nonsense. The initial cash flow issues were caused by the PTP administration. They made this worse by "forgetting" to make adequate provisions before dissolving parliament. They pegged their hopes on pushing through a quick election, then pushing through the 2.2 trillion off budget loans which they could then dip into.

And all the while continually lying to the farmers about paying them.

Yinglucks vaunted legal team, so good at issuing threats and defamation suits, didn't seem to know, understand or bothered with, election laws and rules. Like when she went campaigning at the tax payers expense.

[oneday]

"...over 1,700 trillion baht..."

I think that's 1,700 billion baht.

I've never seen such a complete lack of proofreading as there is in all these news organizations.

[Gonzo the Face]

"...over 1,700 trillion baht..."

I think that's 1,700 billion baht.

I've never seen such a complete lack of proofreading as there is in all these news organizations.

I was going to write as you did...... where 1,700 trillion minus `1 trillion would net 1,699 trillion.....

Its obvious there writing inability is a result of their reading inability

Sad , Sad over and over every day. Don't do good, just make it look good.

[kblaze]

BAAC reaps nearly 5 billion baht in profits

The Bank for Agriculture and Agricultural Cooperatives (BAAC) has collected nearly 5 billion baht in revenue as it celebrates

[rickirs]

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doesnt appear they are too concerned with the billions they are owed from the rice scam, maybe yl has told them that her and her brother will take care of them.

What billions owed? ;b++){var>

;b++){var>The Yingluck interim government was not allowed to borrow funds through the issuance of treasury bonds because that was ruled unconstitutional by the Supreme Court and EC. When it approached the private banks, Suthep and the PDRC theatened the banks with a run on the banks and disruption of their businesses if the banks made loans to the government. The Democrats care for the farmers only went as far as what was politically advantageous.

However, with the coup the NCPO abolished that constitution that removed such borrowing impediments to "allow" it to borrow federal funds to advance to the BAAC to pay the farmers.

Not quite the yarn you want to tell.

[seajae]

doesnt appear they are too concerned with the billions they are owed from the rice scam, maybe yl has told them that her and her brother will take care of them.

They are owed nothing, since they were merely the middlemen!!

The "lack of money" was ordered by the EC!! Independant as ever.

if you care to check you will find that yl and the ptp govt guaranteed a 700+ billion baht debt to the BAAC, now that 90% of the rice is no good it means their chances of getting it as prescribed by yl "when the rice stocks are sold" is totally meaningless or did you simply forget about this, obviously the bank has if they are thrilled at getting 5 billion while losing 700 billion, maybe they cant count very good.

[Bob12345]

The BAAC also had a total savings of 350 billion, which earned the bank a net profit of 4.9 billion baht.

Not sure what this means, normally a bank has deposits from companies/individuals that they loan out at a higher interest rate. That is how a bank makes money. But this bank has savings? Where did they hold these savings, at the BOT? And they made a whopping 1.4% profit on them? That does not sound really impressive. I think i can do better by buying government bonds.

[Bob12345]

if you care to check you will find that yl and the ptp govt guaranteed a 700+ billion baht debt to the BAAC, now that 90% of the rice is no good it means their chances of getting it as prescribed by yl "when the rice stocks are sold" is totally meaningless or did you simply forget about this, obviously the bank has if they are thrilled at getting 5 billion while losing 700 billion, maybe they cant count very good.

I guess that the Thai government (then headed under YL) guaranteed repayment of these loans, and not YL herself.

That means that the current government (and maybe future governments) will repay these loans, no matter the quality of the rice (i haven't seen the contracts, but I am guessing the actual profits/loss on the rice sales will not determine if they will be repaid).

[Robby nz]

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doesnt appear they are too concerned with the billions they are owed from the rice scam, maybe yl has told them that her and her brother will take care of them.

What billions owed? ;b++){var>

;b++){var>The Yingluck interim government was not allowed to borrow funds through the issuance of treasury bonds because that was ruled unconstitutional by the Supreme Court and EC. When it approached the private banks, Suthep and the PDRC theatened the banks with a run on the banks and disruption of their businesses if the banks made loans to the government. The Democrats care for the farmers only went as far as what was politically advantageous.

However, with the coup the NCPO abolished that constitution that removed such borrowing impediments to "allow" it to borrow federal funds to advance to the BAAC to pay the farmers.

Not quite the yarn you want to tell.

There we see history as written in the red book,

The farmers did not get paid because the Yingluck Govt forgot to make provision for the payments that they knew were due when they dissolved parliament after saying they had the money available to pay for the pledged rice.

Whether this was through ineptitude, deliberately withholding payment or straight out lying about funds being there is open to conjuncture.

The law was what stopped the issuing of bonds because an interim Govt could not rack up debts for a future Govt, that the law was interpreted by the agencies who had that responsibility does not mean it was them that stopped the loans being granted. It was not the agencies it was the law.

The banks knew very well that there was no guarantee they would get repaid for any loans they made to an interim Govt because of the aforementioned law.

The mini run on a Govt bank came about because the interim Govt looked set to order that bank to lend the money and the people (depositors) were not having their money put at risk, people power prevented the bank lending money not any one person or party.

Yes the General made it a priority to pay the overdue debts to the farmers for he had far more consideration for their plight than the previous administration who only used then as pawns to get into Govt.

And we see what a mess they made of that with continuing revelations of corruption coming to light on a regular basis.

[tigermonkey]

Despite all of the tiresome red/yellow bickering on here, the OP is at best gibberish. "BAAC reaped nearly 5 million baht in profits", "collected nearly 5 billion baht in revenue", "which earned the bank a net profit of 4.9 billion baht", "another 700 billion was spent on government projects"

How can revenue and profits be the same ? Why is BAAC spending money on government projects, and not lending it to the government ? etc, etc

Who audits their books ? --- if anyone

Edited October 30, 2014 by tigermonkey

[sfokevin]

How transparent is this bank?

I think it's more of a smoke & mirrors kinda place...