GSB reports huge jump in profits
The Government Savings Bank (GSB) has announced a 100-per-cent growth in net profit year on year. The bank reported net profit of Bt13.479 billion for the first quarter of 2018, a figure boosted by gains from the sale of its stake in IRPC Plc to PTT Plc early this year, the bank’s president and chief executive officer Chatchai Payuhanaveechai said at a press conference.
The bank also saw growth in approval of new loans worth Bt149.3 billion in the first quarter of this year, driving outstanding loans as of March 31 to Bt2.05 trillion, up 2.24 per cent from the end of 2017. The new loans were extended to small and medium enterprises (SMEs), state enterprises, and also micro-finance for micro-businesses.
The bank’s deposits recorded Bt2.17 trillion as of March 31 while total assets recorded Bt2.62 trillion, dropping 1.61 per cent from the end of 2017.
Chatchai said that this year’s strategy would strive to make it “the best and biggest local bank in Thailand” by focusing on loans to the lower-income market, in keeping with the government’s policy to improve the quality of living and creating careers for lower income people, SMEs and start-ups.
This strategy is expected to drive new loans growth to six per cent this year compared with last year, he said.
