Bangkok--31 Oct--Kiatnakin Bank
Kiatnakin Bank reported a 20%yoy jump, or 674 million baht, in the net profit for the third quarter. The nine-month net profit stands at 1,532 million baht, up 3% from the same period last year, while hire purchase loans growth remained at 30.3%ytd. Additionally, Kiatnakin Bank is planing to launch special promotions in SET in the City and Motor Expo events.
Mr. Tawatchai Sudtikitpisan, the President of Kiatnakin Bank Plc, said “The past months were difficult environments for financial institutions, due to external factors such as the Deposit Protection Agency Act in Thailand and the US financial crisis. Yet the consolidated net profit of Kiatnakin Bank and the subsidiaries in 3Q08 was 674 million baht or 20% yoy. The 9M08 consolidated net profit increased to 1,532 million baht or 3% yoy. Total assets stood at 106,566 million baht, up 22.2% ytd. The net interest margin was at 4.6%, stabled from the first six months, which is satisfactory against the backdrop of the current economic sentiment. As for Business Segment Performance, hire purchase business totaled 55,747 million baht, up 30.3% ytd. Residential project loans were 13,576 million baht, declined 10.6% ytd. General Loans was 9,362 million baht, rose by 21.9%. Liabilities were totally 89,751 million baht, increased 27.7% ytd. Deposits and borrowings totaled 83,553 million baht, increased 30.6% ytd. This is attributable to long-term debentures issuances as well as 8 months fixed deposits offering 4.38% interest rate launch for our 38th anniversary of Kiantnakin Group in order to support business expansion in the future.
Kiatnakin Bank has recently invested in an integrated Business Intelligence (BI) for detailed data management in the area of hire-purchase and banking businesses in order to leverage customer service performance and assist the bank to develop its products and services to match with the clients’ needs.
Currently, Kiatnakin Bank is going to launch a 24-hour internet banking service entitled “KK-eBangking” within November 2008 to enable customers to check their statements and previous transactions. In the next phases, Kiatnakin Bank will expand the internet banking services to include money transfer, pay points, and cheque services and.
Late this year, Kiatnakin Bank aims to expand deposit and loan customers base through two major events which are “SET in the City”, on November 20-23, 2008, and “Motor Expo”, on November 29-December 10, 2008. The Bank also focuses on activities that reach out directly to the target groups, such as “Kiatnakin Car Roadshow” to offer hire-purchase services by joining motor show events in major provinces nationwide. Kiatnakin Bank is scheduled to participate in Lamgpang Motor Show 2008 during November 1-9, 2008.
For more information, please contact Ms. Tippawan Wortong (MO)
Tel. 081 421 2923 or E-mail: [email protected] ; [email protected]