TBANK produces record profit growth and introduces new online offerings

Stocks and Financial Services Press Releases Thursday April 19, 2018 17:44
Bangkok--18 Jul--Thanachart Bank

Thanachart Bank announces first quarter 2018 net profit of 3,779 million baht, representing 2.9% growth from the previous quarter and 15.5% growth compared to the same quarter last year. This growth was driven by deepening existing relationships with customers and attracting new customers to the bank through product and service innovation.

Mr. Somjate Moosirilert, Chief Executive Officer and President of Thanachart Bank Public Company Limited, said, "In the first 3 months of 2018 our customer focused strategy continued to produce strong results with earnings growing for a thirteenth straight quarter. We continue to create and deliver value to our customers while driving top quartile efficiency gains. Our market leading position in hire purchase loans grew almost 9% and we registered good gains in our retail franchise, particularly in the SME segment. Our risk culture is strong, our NPL ratio continues to be amongst the best in the sector, and we remain well capitalized with a capital adequacy ratio (CAR) of 18.8%."

Mr. Somjate Moosirilert highlighted some key initiatives over the last quarter including introduction of Thanachart Ultra Savings Account which offers one of the highest interest rates in the industry at up to 1.5% per annum, as well as launch of the Thanachart Justice League Chibi card. The CEO was also enthusiastic about the bank's digital progress, saying "Today, all of our customers can apply for loans themselves through our Thanachart Connect mobile application. We prioritized customer feedback in building this capability and we are excited by the customer experience it provides."

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