TBANK registers strong performance with 14th straight growth in quarterly profit, driven by continuous lending expansion, and contributing to sustainable growth of its core businesses.

Stocks and Financial Services Press Releases Wednesday July 18, 2018 17:21
Bangkok--18 Jul--Thanachart Bank

Thanachart Bank Public Company Limited (TBANK) reported a net profit of 3,821 million baht for the second quarter of 2018, up 1.11% from the prior quarter, and up 14.71% compared to the same quarter last year. Noteworthy is the fact that earnings have grown for a 14th consecutive quarter, thanks to loan expansion, which resulted in an increase in total revenue. This success is mainly due to implementation of effective business strategy across the various Business Units, which serves as a key contributing factor to the Bank's sustainable growth in its core businesses.

Somjate Moosirilert, Chief Executive Officer and President of Thanachart Bank Public Company Limited said "We have been effectively implementing our customer centricity strategy, with focus on becoming the main bank of choice to customers, as well as on the continuous expansion of our customer base. This achievement helped increase the net profit of the Bank, and its subsidiaries, for the 14th straight quarter. In this context, net profit of the Bank and its subsidiaries for the second quarter 2018 was 3,821 million baht, representing an increase of 1.11% from the previous quarter, and up 14.71% compared to the same quarter last year. The growth was mainly driven by continuous expansion of lending, particularly in retail and SME banking units. This successful growth in lending is the main key driver behind expansion of revenue sources. In addition, the Bank and its subsidiaries continue to manage their expenses efficiently, resulting in lower operating costs, with the cost-to-income ratio at 45.67% and credit cost at 0.70%, which is relatively low. On the other hand, the asset quality of the Bank and its subsidiaries is quite strong with a low NPL ratio (2.25%) and a high capital adequacy ratio (18.83%),"

"In executing Thanachart Bank's various strategies, we place emphasis on customer centricity. The key areas covered by this strategy include, among other things: IT system investment, human resource development, and branch service improvements. The main objective is to meet the needs of each customer group and to provide them with excellent customer experience when they use Thanachart Bank's financial services. All of these efforts serve as a factor in fostering strong growth of our core businesses. As a result, we are able to ensure our continued business success. We will keep on developing, and enhancing our strategy, in order to improve our competitiveness, thereby ensuring the Bank continued sustainable growth, into the future," added Somjate.

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