GSB adds focus on elderly and startups to its strategic goals
Government Savings Bank (GSB) will focus on services to the elderly and startups businesses in addition to four strategic goals it pursued last year.
Chatchai Payuhanaveechai, president at the bank, said that as part of the bank’s strategic goals it would adopt the sufficiency economy model for the bank's management and provide so-called digi-Thai banking services.
The other strategic goals include the bank’s promotion of savings and financial discipline, while seeking solutions to debt problems.
These strategies would be aimed at ordinary customers and businesses and state agencies.
The bank said it was successful in implementing the four strategic goals, which included attracting younger customers.
In 2016, the bank recorded a net profit after a loan loss provision of Bt25 billion. About Bt60 billion of its profit came from net interest receivables.
Chatchai cited the bank's expertise in asset and liabilities management for lower interest expenses and higher interest-based income.
The bank's average net interest margin was 2.51 per cent and net interest-based income accounted for 88.25 per cent of net income.
Its fee-based income amounted to Bt5.37 billion. Net fee-based income was 7 per cent of net income in total.
On December 31, GSB registered a rise of 4.55 per cent or Bt109.11 million in total assets to Bt2.51 trillion.
Total deposits last year advanced by 3.73 per cent, or Bt77.60 billion, to Bt2.16 trillion.
Chatchai said that the bank launched several types of deposit products, including three-year and five-year special savings bonds, to match demand from savers.
At the end of last year, the bank's loans inched down 0.93 per cent or Bt17.81 billion to Bt1.90 trillion.
“There was consistent demand for loans from customers in 2016, while the bank offered products that matched their needs and proceeded with projects in line with government policy with speed, flexibility and diversity,” Chatchai said.
Such projects included those for Pracha Rath initiatives.
On December 31, the bank's non-performing loans were the lowest in the baking system, reflecting its prudent credit management, the bank chief said.
