TBanks Q3 2018 produces 15th consecutive quarter of year-over-year earnings growth

Stocks and Financial Services Press Releases Wednesday October 17, 2018 17:27
Bangkok--17 Oct--Thanachart Bank

Thanachart Bank Public Company Limited (TBANK) reported a net profit of 3,540 million baht for the third quarter of 2018, up 1.8% compared to the same quarter last year and 9.9% higher year-to-date vs. the same 9 month period in 2017. Performance gains were driven by loan growth of over 5.3%, business mix optimization, and continued improvements in efficiency.

Mr. Somjate Moosirilert, Chief Executive Officer and President of Thanachart Bank Public Company Limited, said, "TBank and its subsidiaries continue to demonstrate strong sustainable earnings growth despite higher tax burdens this quarter as its tax shield was fully utilized. On a pre-tax basis, the Bank's quarterly earnings grew over 2% compared to the same quarter last year, with year-to-date profit up 18.9% compared to the same 9 month period in 2017".

The CEO summarized that "Making the customer our #1 priority has proven to be a resilient and rewarding strategy that has helped our Bank deliver top quartile earnings growth. This performance was achieved with a strong risk culture that was recently recognized by Fitch Ratings, who upgraded Thanachart Bank's National Long-Term Rating to 'AA-' from 'A+'.


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