products and also from the decline in global oil prices and the high base effect of last year expedited exports before the increase in US import tariffs on Chinese products. In the tourism sector, the number

also from the decline in global oil prices and the high base effect of last year expedited exports before the increase in US import tariffs on Chinese products. In the tourism sector, the number of

burden of SME and consumers and increase liquidity in the markets and to further support the fiscal measures that have already been introduced earlier. For 2020, the Thai economy is projected to contract

and increase liquidity in the markets and to further support the fiscal measures that have already been introduced earlier. 3 For 2020, the Thai economy is projected to contract significantly due to (1

comprehensive income for 2019 totaled Baht 5,625 million, an increase of 9.8% comparing to Baht 5,123 million in 2018. The comprehensive income included revaluation of available-for-sale securities as a result of

upgraded the company rating for the Bank and Phatra Securities to “A” from “A-”. The consolidated net profit for 2Q19 totaled Baht 1,471 million, an increase of 19.7% from Baht 1,228 million from the

increase of 19.7% from Baht 1,228 million from the previous quarter of 1Q19. When comparing yoy, the net income for 2Q19 declined by 5.2% comparing to net profit of Baht 1,551 million during 2Q18. The

subsidiaries for 1Q21 at Baht 1,463 million, an increase of 32.0% from the previous quarter. When comparing to 1Q20, net profit decline slightly by 1.4%. The consolidated comprehensive income for 1Q21 totaled

Limited Management Discussion and Analysis for the First Quarter Ended 31 March 2021 Page 4/19 In 2021, the Bank of Thailand projected the Thai economy to grow by 3.0% (as of March 2021). However, the

Thai economy in the first quarter of 2018 continued to grow from the previous quarter, corresponding with the world economy. The expanding of the exporting industry, tourism industry, and government