Thanachart Bank delivers outstanding performance with profit hitting record high

Stocks and Financial Services Press Releases Monday January 22, 2018 09:11
Bangkok--22 Jan--Thanachart Bank

Thanachart Bank announces its full year 2017 financial results, growing loans by 3% and generating record high profit of 13,810 million baht, up11% from 2016. The improvement in year-over-year performance is mainly attributable to the bank's continued focus on becoming a main bank of choice to customers, and improved productivity.

Somjate Moosirilert, Chief Executive Officer and President of Thanachart Bank Public Company Limited, said, "In 2017, our Bank's loans grew by 3% driven by the hire purchase business which increased 7% from 2016. Net profit of Thanachart Bank and its subsidiaries in 2017 was 13,810 million baht, an increase of 11% from last year, and representing our third consecutive year and twelfth straight quarterly improvement in profit. Asset quality remained strong with an NPL ratio of 2.3%, similar to last year despite our growth. The Bank remains very well capitalized, with Tier I improving to 14.8% from 13.3% last year and our capital adequacy ratio reaching 18.9%."

"Our success was achieved by executing a customer centric strategy. In particular, the Bank placed strong emphasis on improving customer service through every channel and developing innovative products & services to better serve our customers digital needs. Our 2018 strategy will focus on growing our customer base and further expanding our relationships with them. This customer focused strategy, combined with our productivity gains, has consistently delivered improved performance and increased our competitiveness in the banking industry," said Somjate.

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