Bangkok--2 Mar--EXIM BANK
Mr. Kanit Sukonthaman, President of Export-Import Bank of Thailand (EXIM Thailand), announced EXIM Thailand’s operating result for 2010 (based on unaudited financial statements), posting a net profit of 145 million baht, down by 201 million baht from last year. Such decline was ascribed to the Bank’s observance of prudent banking practice by setting aside an allowance for doubtful accounts in the amount of 1,491 million baht, rising by 452 million baht from 2009. At 2010 year end, total loans outstanding increased from the end of 2009 by 6% to 56,481 million baht, which was mainly attributable to an expansion of long-term loans, both domestic and overseas. As of the end of 2010, Non-performing Loans (NPLs) stood at 3,539 million baht, decreasing by 830 million baht from end-2009, constituting 6.22% of loans and accrued interest receivables, down by 1.93% from the previous year.
In 2010, EXIM Thailand’s new credit approval accounted for 29,864 million baht. Of this total, 13,376 million baht was extended under the Financing Facilities for Overseas Projects in line with the government’s policy to encourage Thai investments overseas during the period of the baht volatility. Meanwhile, Export Credit Insurance approval amounted to 4,934 million baht, following the Bank’s commitment to help exporters mitigate non-payment risks caused by overseas buyers, boosting their confidence in business expansion in the global arena. In 2010, EXIM Thailand’s insured export turnover totaled 108,693 million baht, up 84% compared with the year 2009’s figure and insurance obligations at the end of 2010 was 33,377 million baht, up 85% from 2009.
EXIM Thailand’s President also stated that in 2011 EXIM Thailand would continue to earnestly adopt a role of a development bank by fulfilling its mandate of supporting and promoting Thai export, import, domestic and overseas investment as well as export credit insurance under the Export-Import Bank of Thailand Act. For 2011, EXIM Thailand aims to increase its total loans outstanding by 16% from 56,481 million baht in 2010 to 65,290 million baht. Moreover, EXIM Thailand sets a net profit target of 600 million baht, rising from 145 million baht in 2010.