Bangkok--20 Oct--Kiatnakin Bank
The bank to strengthen flexibility in management, open new branches in Chantaburi, Cha-Choeng-Sao, Chumporn
“Kiatnakin Bank” reported a Q3/06 profit of Baht 425 million, boosting its 9-month profit to Baht 1,618 million. The bank is going to launch three new branches and issue debentures worth Baht 3,000 million to mark the one-year anniversary of banking service.
Mr. Tawatchai Suthikitpisal, Managing Director of Kiatnakin Bank Plc., said “Kiatnakin Bank’s performance for the end of nine-month period, as of September 30, 2006 (unaudited), Kiatnakin earned a net profit of Baht 1,618 million, the performance is down approximately 6.6% from the previous year due to the business environment which was in recession and the increased cost of fund. However the bank has secured the spread level of 6%, which is high when compared to that of commercial banks in the same group. It is expected that 2006 year-end business performance will meet the target because of continual expansion of Hire-Purchase loans and classified loan are likely to reduce. Moreover, many companies will be competing with sales promotional activities at the end of the year, thus will help stimulate Hire-Purchase loans expansion.”
Kiatnakin Bank aims to grow by 10%-15% from last year. The mainstream of the revenue will be from giving out credits, including Hire-Purchase Loans and Residential Project Loans, as well as net investment in loans.
“The past October 3, 2006 was Kiatnakin Bank’s first year anniversary of providing commercial bank services. The bank launched three new branches upcountry, in Chantaburi, Cha-choeng-sao, and Chumporn provinces, bringing to 19 the total branches of Kiatnakin Bank. The bank will continue to concentrate on the businesses in which it is proficient, effectively manage the investment capital, focus on flexible operation and service providing, and adopt ‘Customer Centric’ concept to satisfy needs and wants of our customers,” Mr. Tawatchai said.
As for monetary and saving policies, Ms. Thitinan Wattanavekin, head of treasury and funding at Kiatnakin Bank, said “At present, Kiatnakin Bank has a Borrowings and Deposits of Baht 55,661 million, and is considering issuing a new lot of debentures, value Baht 3,000 million. Now the bank is presenting debenture information to potential investors, and will come up with a decision on interest rate shortly. Regarding the saving campaign,
Kiatnakin Bank start offering a special 18-months time deposit ‘Kiatnakin 9+9’ for deposits from Baht 1 million. Depositors will earn the interest rate of 5.4% from the first 9-month deposit and 5.6% from the remaining 9-month period. The campaign received a positive reception from customers and will open until October 25, 2006.
Note to Editor: Kiatnakin was established in 1971, and started operating as a commercial bank entitled “Kiatnakin Bank Public Company Limited” on October 3, 2005. The bank has a capital base of 17,080 million baht and assets of 74,641 million baht. Currently the bank has 19 branches throughout Thailand. The bank provides savings and credit services, including saving deposits, fixed deposits, current account deposits, as well as Hire-purchase loans, Residential project loans, Corporate and industrial loans, and more.
For more information, please contact Ms. Tippawan Wortong (MO)
Tel. 081 421 2923 or Email: [email protected]
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