Standard Chartered Bank (Thai) has the best performance ever with 27% up in profit

13 March 2012

Standard Chartered Bank (Thai) has the best performance ever with 27% up in profit

  • In line with Standard Chartered Group's 9th consecutive year of record profits and income
  • Credit card spending reached record high and portfolio's programmes yielded very positive outcome
  • Saw benefits from AEC for the increase in trade and investment in Asia

Bangkok (13 March 2012) - Ms. Lyn Kok, Standard Chartered Bank (Thai)'s President and Chief Executive Officer announced the 2011's another record year with highest profit ever. Standard Chartered Bank (Thai) and its subsidiaries' consolidated profit was THB 4,004 million, 27% growth from that of 2010 (THB 3,162 million), despite the economic contraction in the 4th quarter due to the flood. Both Consumer Banking and Wholesale Banking continued to grow to new heights in profit at 23% and 10% respectively.

"Thailand's performance was in line with Standard Chartered Group's 9th consecutive year of record profits and income with the record profit of USD 6.78 billion, 11% increase and USD 17.64 billion income, 10% up from that of the year before. Amid the economic volatility - the Europe' sovereign debt crisis, the slowing growth in the U.S., and a sign of a less robust Chinese economy, Standard Chartered Group is the only major international bank to have been upgraded by the 3 most prestigious ratings agencies since the beginning of the global financial crisis, by S&P to AA-, Fitch to AA-, and Moody's to A1," said Ms. Kok.

Standard Chartered Bank (Thai), meanwhile, managed to maintain from the previous year the AAA (tha) rating for the National Long-term Credit Rating, the best rated commercial bank in Thailand, with stable outlook ranked by Fitch Ratings. And recently, the Bank has been upgraded on Long-term Local Currency Issuer Default Rating from A to A+.

Consumer Banking

"Our strategy to balance between secured and unsecured businesses continued with good traction. The unsecured lending growth and momentum on Priority Banking and SME Banking continued with double digit growth. Unsecured lending portfolio experienced strong growth especially in instalment Loan. Credit card spending also reached record high and portfolio programmes yielded very positive outcome. While secured lending portfolio demonstrated steady growth with improved Mortgage Reducing Term Assurance (MRTA) penetration. 2011 was distinguished by good performance across products and segments with total assets and liabilities both grew 12%," said Ms. Kok.

Wholesale Banking

In 2011, Standard Chartered won many contracts and helped Sri Trang Agro-Industry Pcl. being successfully dual listed on the Singapore Exchange and the Stock Exchange of Thailand. The success of this deal demonstrated the Bank's capabilities and strong overseas networks, which are the key to successfully supporting Thai companies looking to invest or expand internationally.

With such a strong local presence, the Bank is supporting overseas institutions looking to raise Thai baht funding in the local market. In 2011, the Bank supported the Central American Bank of Economic Integration, ING, and Hana Bank in issuing Thai-baht-denominated bonds in Thailand.

Looking Ahead

"Our aspiring goal for 2012 is to continue delivering double-digit income growth through creative solutions and maintaining our strong disciplines in risks and costs as well as strong balance sheet excellent shape with high liquidity and strong capital. This year, Service Guarantee is the common theme used across Consumer Banking. New products and services will be launched within the 2nd quarter. For Priority Banking, we plan to launch the 'Wealth Management Clinic', the campaign that goes in line with our customer-focused strategy.

"After the success of 'Savings for Fans' savings account with Liverpool ATM/debit card that gained us 54% of new customers, we continue to leverage the Liverpool FC sponsorship through sports marketing activities throughout the year. While Wholesale Banking continues to strengthen our cross-border capabilities and bring the local expertise and global networking capabilities in providing clients support in international investment and/or expansion." concluded Ms. Kok.

For the long-term perspective, Ms. Kok pointed that “Thailand could be a particularly keen beneficiary of the likely increase in trade and investment in Asia with the ASEAN Economic Community or AEC comes into effect in 2015 with a population of 600 million. We are pleased and excited about the opportunities that may arise from the new developments in this region. With our global network and know-how, we are strongly confident that we are capable of delivering innovative products and services to customer on a broader regional scale.

"This year, the World Economic Forum will be held in Bangkok from 30 May to 1 June. It will be a platform for the banking sector to showcase how it can contribute to Thailand's economic development."

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