Bangkok--Apr 8--Weber Shandwick
Kiatnakin Finance Public Co., Ltd. (KK) held the Annual Ordinary General Meeting of the Shareholders to review the year 2005. The company in 2004 reported a net profit of Baht 2,208 million, compared to its 2003 net profit of Baht 2,065 million an increase of 6.9%. Growth was mainly from the company's extension of new loans and the on going successful restructuring of distressed assets. The company’s total assets value was Baht 57,454 million, up by 35% from the previous year. The Company proposed to their shareholders the payment of a dividend of Baht 2.25 per share.
“In 2004, Kiatnakin had continuing profit growth from its core businesses. Hire-Purchase grew 129% for a total value of Baht 18,097 million and Residential Property Loans grew 64 %, total value Baht 13,326 million”. Mr. Tawatchai Sudtikitpisan, Managing Director — Real Estate Lending said.
In 2005, Kiatnakin expects to have assets of 80,000 million baht, or 30% growth rate, by focusing on expanding Business Loans and Personal Loans. Residential Property Loans and Hire-Purchase will continue to increase with the emphasis on quality awhile at the same time exploring new channels. Focus on deposit growth will be on longer term deposits to reduce the risk from interest rate fluctuations and expand the retail deposit customer base in line with the aims of the soon to be introduced Deposit Insurance Scheme Bill.
“Kiatnakin passed the criteria of eligibility from the Ministry of Finance on December 15, 2004 to become a commercial bank. Kiatnakin intends to become a commercial bank in late 2005. Its aim is to be a commercial bank offering specialized services, together with consultation and an in depth understanding of its client’s business and industry while adhering to good corporate governance practices. We are confident that Kiatnakin has high growth potential. KK has developed internal management systems and operations in readiness for a rapid business expansion and we expect Kiatnakin Bank to be fully operational in the 3rd quarter of this year”, Mr.Tawatchai summarized.
More information please contact:-
Tachakorn Limpasurat
Weber Shandwick (Thailand)
Tel. 02 257 0300 ext. 331 e-mail:[email protected] End.