BAM further boosts portfolio
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Deal for Bt187 bn worth of NPAs, NPLs from TAMC
Bangkok Commercial Asset Management (BAM) will sign a contract this month to buy non-performing assets and non-performing loans worth a combined Bt186.93 billion from Thai Asset Management Corp (TAMC).
The company has already signed similar contracts to purchase NPAs and NPLs from Bank of Ayudhya, Siam Commercial Bank and Government Housing Bank, and plans further deals with TMB Bank and Krung Thai Bank.
The various purchases will boost its NPAs and NPLs to Bt500 billion by year-end, BAM president Sumate Maneewattana said at a press conference yesterday.
Currently, BAM has total debts for restructuring worth Bt273.41 billion. Of that figure, Bt237.02 billion is accounted for by the NPLs of 44,152 customers, and Bt36.39 billion by NPAs of 13,526 customers.
Meanwhile, the company has announced revenue of Bt7.99 billion for the first half of the year, 33 per cent higher than its estimate of Bt6 billion.
Sumate attributed the sharp rise to the country’s economic growth, strong demand for buying NPAs in Bangkok, and strong provincial growth.
These factors also drove net profit in the period about 20 per cent higher than the estimate, at Bt2.35 billion.
The company targets net profit of Bt3.14 billion for the full year, against the Bt2.93 billion achieved last year, he said.
“Although our net profit is above our estimate in the first half of the year, we don’t have a plan to revise the [full year] net profit target,” he added.
Sumate said the net profit rise followed land prices nationwide increasing by between 10 per cent and 15 per cent compared with the same period last year. This was due to strong demand to buy undeveloped land for both residential and commercial development, including manufacturing and office buildings in Bangkok and the provinces.
Because of strong residential demand, BAM has announced a marketing campaign to boost sales in the current quarter.
“BAM Expo at 5 Locations” will run from July 12-18 at The Mall Bang Khae, The Mall Bang Kapi, Fashion Island Ramindra, and the BAM branches at Central Chaeng Wattana and Seacon Square.
Customers will have access to 4,882 residential units worth Bt13.03 billion in greater Bangkok, with special financial packages available from commercial banks.
“We target sales of between Bt100 million and Bt150 million from the event,” the company president said.
