Bangkok Bank reports 2010 net of $808M

Bangkok Bank and its subsidiary companies have reported a net profit of US$808 million for 2010, 19.9 percent higher than in 2009.

The increase was due mainly to an improvement in core operations as well as revenue received from special gains from investments. Loan growth in the fourth quarter was particularly impressive.

The bank’s operating results improved as its customers benefited from the sharp upturn in the Thai economy. Contributing to the result were the bank’s strong fundamentals and financial strength.

Bangkok Bank President Chartsiri Sophonpanich said, “Throughout 2010 we concentrated on working closely with our customers, and also on improving collaboration among various business units within the bank, with customer satisfaction a key goal. This approach allowed us to better identify customer needs and help them better plan and execute their strategies. We expect the momentum gained in the final quarter of the year to continue in 2011 and we are looking forward to further growth and success.”

The bank’s lending grew by US$3.67 billion or 9.9 per cent, with growth in the fourth quarter alone of US$2.9 billion. While the fourth quarter is typically the period when demand for working capital from the agro-industry sector is at its greatest, the bank also experienced strong loan demand for business expansion, both domestic and overseas, across a wide range of industries. This trend is expected to continue into 2011 and Bangkok Bank has prepared itself well to rise with this investment cycle, with sufficient liquidity and strong capital on hand to meet further increases in demand for loans.