combination of the weak global economy and strong baht capped tourism and spending. In response to a slowdown in tourism, visa fee waivers were extended twice to end on April 30, 2020. Headline inflation

positively, private consumption remained robust through amid still- weak inflation. On 10th July, a new cabinet was formed that should largely see policy continuation; however, given the coalition’s slim

, total investment, and a robust export growth. As of May 31, 2018, the Company’s total cards reached 8.24 million cards (including 2.52 million credit cards and 5.72 million member cards), net increasing

has decided to classify these investments as financial assets at fair value through other comprehensive income. 2. Impairment of financial assets TFRS 9 requires entities to estimate impairment as a

Company measures the stated investment at fair value through other comprehensive income. The Company has decided to classify these investments as financial assets at fair value through other comprehensive

translation adjustment and cash & cash equivalents of subsidiaries which classify as assets held for sale MANAGEMENT DISCUSSION & ANALYSIS 2019 14 FEBRUARY 2020 U CITY PCL 2019 - MD&A (for the year ended 31

2018 expanded continuously on the back of robust exports and tourism, which is supported by stronger global economic conditions. Exports and tourist arrivals rose by 9.9 percent and 15.4 percent, from

strong across-the-board growth. The business sector remained challenged by new modes of competition amid the advancing digital age and the rapid pace of technological advancement, together with the

40.32 percent, which was better than the target. Meanwhile, our robust capital position was sufficient to cushion against risk, and greater than the Bank of Thailand’s requirement. As evidenced, the

was robust. As evidenced, capital adequacy ratio (CAR) of KASIKORNBANK FINANCIAL CONGLOMERATE (the Conglomerate) according to the Basel III Accord was 18.55 percent, with a Tier 1 capital ratio of 16.19