TBANK Stronger with Record High Profit Moving Closer to being Main Bank

Stocks and Financial Services Press Releases Thursday January 19, 2017 09:08
Bangkok--19 Jan--Thanachart Bank

Thanachart Bank Public Company Limited (TBANK) announced its operating results for 2016 showing significant year over year growth. The results mark a record high in both profitability and asset quality and reaffirm the strategies of focusing on delivering Digital Banking and being the Main Bank for customers.

Mr. Somjate Moosirilert, CEO of Thanachart Bank Public Company Limited, stated, "TBANK and its subsidiaries' net profit in 2016 totaled 12,434 million baht, an increase of 15.74% from the previous year; a record high result and the culmination of 8 consecutive quarters of profit growth. This was achieved by focusing on enhancing the banking experience for our customers, combined with strong asset quality and effective management of our cost of funds. NPLs have been declining steadily for the past 10 quarters, resulting in an NPL ratio of 2.29% and a Coverage Ratio of 151.16%. Our capital adequacy ratio improved to 19.15%."

Mr. Somjate Moosirilert added, "In 2017, TBANK will continue to focus on becoming the Main Bank for our customers by offering quality products and services, delivered quickly and conveniently and with world class security. Our mission is to make banking easier for our customers. Furthermore, TBANK is dedicated to the development of our people. We are investing in our banking professionals, giving them the skills and tools needed to better understand and meet the needs of our customers. It is only by having well trained staff with the ability to offer individualized solutions, that customers will choose our Bank as their main bank."

Mr. Peter Bessey, Deputy CEO of Thanachart Bank Public Company Limited, added, "In 2016, TBANK launched a new mobile banking application named Thanachart Connect. Designed to satisfy our customers' demands for a user-friendly and highly secure 24-7 service channel, the early response to Thanachart Connect has been excellent. Given our results in 2016, we expect a dramatic jump in user adoption this coming year. In 2017 we will build on the success of our mobile banking platform through the further development of customer focused, digital banking enhancements, that deliver both security and ease of use."

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