EXIM Thailand shows H1 net profit of Bt510m

Export-Import Bank of Thailand (EXIM Thailand) approved new credit worth Bt12.6 billion in the first six months of this year, pushing the outstanding loans to Bt65 billion which increased 6.5 per cent from the end of last year.

“The bank’s overall operating results meet its performance targets both in terms of the promotion of export, import, domestic and overseas investment and support of SMEs lacking access to finance,” said President Kanit Sukonthaman.

In the first half, its net profit also rose 69 per cent on year to Bt510 million. With an emphasis on non-performing loans (NPLs) management, EXIM Thailand saw a decline in its NPLs by 0.35 per cent of the total loans at the end of 2011 to 4.75 per cent as of the end of June 2012. The bad debts provision ratio to NPLs as of the end of June 2012 stood at 104.07 per cent, increasing from 89.93 per cent at end-2011. =

In the period, EXIM Thailand approved a total of Bt94.7 billion trade finance loans. Of this total, Bt40.211 billion was extended to SME exporters. Project financing loans reached Bt71 billion, mostly in support of infrastructure development, business expansion and public utilities projects. The amount also included the bank’s financing facilities in response to the government’s policy such as merchant marine financing worth Bt3.5 billion under the Financial Assistance Scheme for Maritime Business designated by the Ministry of Finance and financial assistance for neighbouring and target countries totalling Bt4.1 billion.

In regard to EXIM Thailand’s mission to fulfill the government’s policy, the Bank has consistently provided Thai SMEs with greater access to finance while equipping them with essential knowledge to become exporters. Moreover, the Bank is ready to promote Thai outward foreign direct investments, particularly in neighbouring and other Asean countries, in line with the advent of the Asean Economic Community (AEC). The Bank’s effort is further strengthened by its close collaboration with both public and private sectors engaging in international trade and investment promotion. The objective is for EXIM Thailand to constantly improve its capability to provide integrated financial facilities and deepen its support for Thai businesses.

To cushion impact of the eurozone debt crisis on Thai entrepreneurs, it has undertaken various assistance measures such as reduction in default interest rates charged on overdue debtors, fee and interest rate reduction as well as easing of other conditions concerning export bills for collection and discounted export bills of exporters receiving late payment from eurozone buyers, export credit insurance services, and buyer/bank risk assessment service to determine buyer or buyer bank’s creditworthiness, enabling Thai exporters to offer competitive payment terms to foreign buyers.

http://www.nationmultimedia.com/business/EXIM-Thailand-shows-H1-net-profit-of-Bt510mn-30188266.html

 

Category: Thailand