Thanachart Bank boosts profit 11% to record high
Thanachart Bank has announced its full-year 2017 financial results, growing loans by 3 per cent and generating a record high profit of Bt13,81 billion, up 11 per cent 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, president and CEO of Thanachart Bank Public Company Limited, said:, “In 2017, our bank’s loans grew by 3 per cent driven by the hire purchase business which increased 7 per cent from 2016.
“Net profit of Thanachart Bank and its subsidiaries in 2017 was Bt13,810 million, an increase of 11 per cent from last year, and representing our third consecutive year and 12th straight quarterly improvement in profit. Asset quality remained strong with an NPL ratio of 2.3 per cent, similar to last year despite our growth. The bank remains very well capitalized, with Tier I improving to 14.8 per cent from 13.3 per cent last year and our capital adequacy ratio reaching 18.9 per cent.”
Somjate added that the bank's 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,” he said.
