Thanachart Bank generates record earnings by holding down expenses

Corporate January 21, 2019 15:13

By The Nation

Thanachart Bank Plc generated record earnings of Bt14.703 billion in 2018, a 6.5 per cent improvement from last year, the company announced in a Monday media release. 

The bank’s chief executive officer and president, Praphan Anupongongarch, said the Bank had benefited from balanced growth across its auto, retail and subsidiary businesses.

“Our customer relationships continued to grow and deepen, evidenced by more than 5.5 per cent growth in loans and net interest income. We achieved these results while improving our efficiency and holding operating expenses relatively flat year over year,” Praphan said in the release.

The CEO added that growth had been prudently managed with provisions reduced from last year and with its 2.3 per cent NPL ratio among the lowest in the industry.

Praphan also described the bank’s major goals moving forward. “We aim to retain our leadership position in the auto hire-purchase industry and to make market share gains in our retail loans and deposits business as we get closer to our customers and their needs. 2019 is going to be an exciting year as our digital investments begin to make a substantial contribution to all of our business and the customers they support.”

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