TBANK strengthens asset quality Enhances profit growth and launches Thanachart Connect mobile banking

Stocks and Financial Services Press Releases Wednesday July 20, 2016 17:04
Bangkok--20 Jul--Thanachart Bank

Thanachart Bank (TBANK) announces operating results for the second quarter of 2016 achieving 6th consecutive quarter of profit growth. Mr. Somjate Moosirilert, CEO of Thanachart Bank Public Company Limited, stated, "In the second quarter of 2016, the Bank and its subsidiaries' net profit totaled 3,158 million baht, an increase of 11.04% from last quarter. This was a result of both strong asset quality leading to a significant reduction in provision expense, and of successful management strategies to improve cost of funds. For the six-month period of 2016, net profit totaled 6,002 million baht; a 14.14% growth over the same period last year."

Mr. Somjate Moosirilert added, "Credit costs declined to 0.66%. This is evidence of the very good asset quality of the bank and its subsidiaries. Our primary focus has been on high quality loan growth, and the success of this strategy is shown in our ability to consistently grow net profit. While loan balances outstanding have been declining due to high contractual repayment, new loan booking has increased as much as 7.42% from the same period last year. In parallel, effective management of NPL portfolios has strengthened our asset quality and reduced our NPL ratio to 2.59% for the Bank and its subsidiaries, and to 1.99% on a Bank Only basis. The Coverage ratio improved to 129.01% for the Bank and its subsidiaries, and to 139.24% on a Bank Only basis. Key financial ratios reflect strong financial results, including for capital adequacy as evidenced by an industry leading BIS ratio of 18.84%."

"Additionally, in May the Bank launched its new mobile banking application, Thanachart Connect. This highly competitive application is a key tool in the Bank's overall Digital Banking strategy. With its complete range of customer friendly features, we expect Thanachart Connect to contribute significantly to the expansion of our client base. Future upgrades to the application will allow for such things as the purchase of Mutual Funds and Securities and facilitate additional financial solutions such as loan applications. We are also pleased to advise that the Bank is fully ready to support the Prompt Pay initiative, and has been accepting registrations since July 1, 2016. We are confident in our ability to provide our customers complete access to the full range of financial products and services they want and need, and to do so in a very secure way through their preferred distribution channel, be it digital, telephone, mobile sales force, or through our extensive branch network."

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