million reduce the burden of financing to repay and reduce interest expenses and as a result, the debt-to- equity ratio declined from 0.17 times to 0.13 times (based on the Company's financial statements

attributed to a rise in non-interest income, especially net profit from investment. Meanwhile, net interest income maintained its growth even though net interest margin (NIM) dropped as a result of impacts

E_1 Legal_FA_2015_12_29-c A WWCCoorrppLL44..11hhiigg A Executive Summary 1 Management Discussion and Analysis For the Year Ended December 31, 2017 In 2017, Thai economic growth gained traction, buoyed by strong recoveries in tourism and exports. This growth momentum is expected to carry on into 2018, especially amid a brighter outlook in public and private investment. Nonetheless, the business sector remained challenged by new modes of competition in a broader marketplace amid the advancing digi...

, net interest margin (NIM) in 2018 remained close to the level of 2017. Nonetheless, net fees and service income declined as a result of cancellation of fees for funds transfer via digital channels and a