EXIM Thailand shows Bt362 million net Q1 profit

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EXIM Thailand shows Bt362 million net Q1 profit
By The Nation

 

BANGKOK: -- The Export-Import Bank of Thailand has reported a net profit of Bt362 million for the first quarter of this year. President Pisit Serewiwattana on Monday reported.

 

Outstanding loans of Bt80.891 million for January through March, up by Bt7.288 million over the same period last year, with a new-loan drawdown of Bt4.695 million and partial repayment of existing loans. 

 

This contributed to a business turnover of Bt36.440 million, he said, of which Bt24.087 million involved small and medium-sized enterprises. Outstanding SME loans totalled Bt35.475 million, surging Bt5.221 million, or 17.26 per cent, beyond the total in the same period last year. 

 

Pisit attributed the increase to EXIM Thailand’s strategy of fostering SME competitiveness in international trade and investment.

 

EXIM Thailand’s non-performing loan (NPL) ratio at the end of March stood at 3.74 per cent, or Bt3.022 million, declining Bt1.106 million compared to the first quarter of last year. 

 

The bank’s allowance for doubtful accounts was Bt6.465 million, of which Bt2.778 million was the minimum provisioning requirement set by the Bank of Thailand, Pisit said. It represented a ratio of loan-loss provision against the requirement of 253.2 per cent, enabling the bank to maintain a strong financial standing.

 

Pisit said EXIM Thailand has leveraged its strength as an export credit insurance agency to boost Thai exporters’ competitiveness by enabling them to offer attractive payment terms. They can expand their markets with confidence and without concern about foreign buyers’ non-payment, he said. 

 

The bank’s business turnover under export-credit insurance and investment insurance accounted for Bt12.949 million, of which Bt2.991 million came from SME business – 23.10 per cent of the overall insured amount. 

 

Insurance outstanding totalled Bt19.649 million in value at the end of March.

 

Source: http://www.nationmultimedia.com/news/business/corporate/30315234

 

-- © Copyright The Nation 2017-05-15

[elgordo38]

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