79% Retained earnings 51,382 15% 50,239 14% Credit Rating Others 24,307 6.9% 24,604 6.9% Fitch National rating: AA+ (THA), Outlook: Stable Total Equity 75,689 22% 74,843 21% S&P BBB+, Outlook: Stable

complete the first franchisee contract by this year Outlook on business opportunities from lift of curfew measures With the government measures to control the spread of COVID-19 pandemic, especially the

with continued growth in card spending. However, although the overall economic growth rate of the country has a better outlook, it is lower than the situation prior to the Covid-19 pandemic, especially

rate of the country has a better outlook, it is lower than the situation prior to the Covid-19 pandemic, especially the government investment and consumption, although it has a better outlook since the

Contents Page Executive Summary A 1. Overview of Operating Environment 1 1.1 Global and Thai Economy in 2018 and Outlook for 2019 1 1.2 Banking Industry, Competition and Emerging Risks 2 1.3 Regulatory

developments warranted a close watch, particularly in US politics, which were a drag on the implementation of economic stimulus measures and tax reform. In addition, Britain’s economic outlook was obscured by

-China trade negotiations and Brexit risks. The World Economic Outlook of the International Monetary Fund revised downward its global economic growth projection for 2019, to 3.3 percent from the previous

. Worse, Brexit risks became heightened in the wake of political change in the United Kingdom. The World Economic Outlook of the International Monetary Fund cut its 2019 global economic growth projection to

with its major trade partners, especially China. This factor is set to have an impact on the world’s economic recovery over the remainder of this year. The World Economic Outlook of the International

. Given the intensified global trade tension, the October 2018 World Economic Outlook of the International Monetary Fund cut its global economic projection for 2018 and 2019 to 3.7 percent, compared to the