Bangkok--Nov 3--EXIM Thailand
Mr. Sataporn Jinachitra, President of Export-Import Bank of Thailand (EXIM Thailand), announces the Bank’s operating results in the third quarter of 2005 which registered a net profit of 52 million baht, dwindling from 125 million baht in the same period in 2004. Such drop in net profit was ascribed principally to high provisions for bad debts and loss from debt restructuring totaling 304 million baht, up from 288 million baht in the third quarter of 2004. Another factor was a decline in non-interest income. In the first nine months of 2005, the Bank’s net profit lowered from 327 million baht in the correspondent period of last year to 255 million baht.
At the end of September 2005, the Bank’s total assets accounted for 61,970 million baht, an increase of 17.4% from 52,806 million baht at year-end 2004. The loans and accrued interest receivables as of September 2005 added up significantly in the third quarter of 2005 to 57,644 million baht, rising by 16.6% from year-end 2004. Non-performing loans (NPLs) at the end of September 2005 stood at 5,649 million baht or 9.8% of total loans and accrued interest receivables, nearly equivalent to that of end-2004. Meanwhile, the capital adequacy ratio as of September 2005 was 16.2%.
According to EXIM Thailand President, throughout the year 2005, EXIM Thailand has actively fostered cooperation with foreign banks to develop new export banking services, in response to the steady growth of Thai SME exporters. Recently, EXIM Thailand signed a Bilateral Letter of Credit Confirmation Facility Agreement with Export-Import Bank of Malaysia Berhad to help increase the confidence of start-up Thai SME and other exporters wishing to penetrate or expand into Malaysian market. Under the agreement, EXIM Thailand, with guarantee coverage from EXIM Bank of Malaysia, will confirm the L/C issued by 11 eligible Malaysian banks to Thai exporters. Likewise, EXIM Bank of Malaysia, backed by EXIM Thailand’s guarantee, will confirm the L/C opened by participating Thai commercial and state banks. The total reciprocal credit line under this Facility is 5 million US dollars.
In addition, EXIM Thailand signed a Letter of Guarantee Confirmation Facility Agreement with Export-Import Bank of India, with an aim to facilitate export of Thai products and services to India while boosting confidence of Indian importers of Thai goods and services, thereby, increase bilateral trade between the two countries. Under this agreement, EXIM Bank of India will confirm the L/G issued by EXIM Thailand under the overall credit limit of 50 million US dollars.
For further information,
please contact Public Relations Division, Office of Top Management
Tel. 0 2271 3700, 0 2278 0047, 0 2617 2111 ext. 1140-6 End.