Bangkok Bank, the country's largest commercial bank, has revised the country's economic growth estimate this year upward to 2.8-3.5 percent from two percent projected earlier.

The bank's research division said the bank raised the economic growth estimate this year since the economy posted the better-than-expected growth in the first quarter of this year, according to a report of the Thai News Agency Wednesday.

But Thailand's National Economic and Social Development Board revised the economic growth estimate upward to 3.9 percent, boosted by increase in the local demand and export volume.

Bangkok Bank viewed that an increase in the local demand and export volume, coupled with a rise in the public spending and a continued improvement in financial liquidity and consumer confidence, would fuel the economic growth of 3.4-3.8 percent in the second quarter of this year and of 2.8-3.5 percent for the whole year.

Kosit Punpiumrat, the bank's executive chairman, was quoted as saying that although it decided to make the upward revision of theeconomic growth projection, it had no plan to increase the loan growth target.

The bank maintained the set credit growth of around 2 percent of the total loans of 700 billion baht (16.28 billion USdollars)because it believed the private investment remained weak and the fiscal policy could help stimulate the economy temporarily.

He said the bank would definitely enjoy net profits in its performance in the second quarter of this year.

On the interest policy, the bank would keep interest rates unchanged although small- and medium-sized banks had already pushed up the rates for long-term deposits.