TBANK delivers strong Q2 performance, net profit has grown for 10 consecutive quarters, thanks to its #Main Bank strategy that focuses on both loan and other core banking business growth.

Stocks and Financial Services Press Releases Wednesday July 19, 2017 10:24
Bangkok--19 Jul--Thanachart Bank

Thanachart Bank Public Company Limited (TBANK) reported strong performance with continued profitability in the second quarter of 2017, thanks to the positive feedback received from its implementation of the strategy of becoming the 'Main Bank' of choice for customers. The achievements are also partly due to streamlining of work processes and improvements of internal operations aimed at providing customers with faster services and more convenience. As a result, the Bank's core businesses grew strongly. As at the end of the second quarter of this year, growth in loan portfolios turned positive. Consequently, the Bank's revenue base also expanded while the risk arising from poor quality assets remained well managed.

Mr. Somjate Moosirilert, President and CEO of Thanachart Bank Public Company Limited stated that "Thanachart Bank is committed to applying on a continuous basis the principle of introducing and recommending only financial products and services that meet customer needs. The adherence to such practice guidelines has always served as a key driver of the Bank's various businesses. This practice has been a key factor in successfully implementing the strategy of becoming the 'Main Bank' of choice for customers, and has resulted in strong growth in the Bank's core businesses. Of note was the quarter over quarter increase in outstanding balances for the majority of its loan portfolios. The revenue base in terms of both net interest income and non-interest income also improved, while operating expenses, loan losses, and provisions for bad debts increased only slightly, in line with the increase in loans. As a result, net profit of the Bank and its subsidiaries in the second quarter of 2017 increased to 3,331 million baht as at June 30th, 2017, marking the tenth consecutive quarter of increasing net profit. This also represented a 1.80% increase over the previous quarter or a 5.48% increase versus the same quarter last year. For the first six-months of 2017, net profit of the Bank and itssubsidiaries amounted to 6,603 million baht, representing an increase of 10.01% compared with the same period a year earlier. The Bank's asset quality remained strong with the non-performing loans ratio of the Bank and its subsidiaries decreasing to 2.16% while the Bank's BIS ratio increased to 20.39%."

Mr. Somjate added, "The Bank is confident that, by offering financial advice and solutions that help customers achieve their goals, TBANK will be seen as the "Main Bank" of choice, resulting in the sustainable growth of its core banking businesses. As such, the Bank remains determined to continue pursuing this strategy. Emphasis will be placed on streamlining all processes so that customers will be provided with convenient, faster and more efficient services. The Bank will also adopt digital technologies appropriate to the servicing of each customer group. Additionally, investments will continue to be made in enhancing the capabilities of the employees of the Bank and its subsidiaries, ensuring that they have the knowledge and skills necessary to serve as advisors in recommending appropriate financial products and services that meet customer needs. In carrying out their duties, employees are required to adhere to TBANK's code of ethics and act, at all times, in a transparent manner. As a result, customers can feel confident that the advice given by the Bank's officers will help them to achieve their financial goals. The Bank believes that earning the trust of our customers is critical to ensuring our long-term competitiveness, and to achieving our objective of growing in a sustainable manner in the future."

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