Islamic Bank of Thailand shifts focus on retail

The Islamic Bank of Thailand (IBT) has announced a shift in
business focus, with new products and services set to be introduced
this year.

The bank aims to achieve sustainable business growth and profits
following a 52% increase in net profits to THB1.25bn
year-to-date.

Total assets as of 31 December 2010 were THB98.36bn, an increase
of 53% from the previous year.

The bank’s targets for 2011 include:

• An increase in the retail client base: Currently, the corporate
  clients to retail customers ratio is 55 to 45 – but IBT targets a
  growth in retail clients ratio by 150 basis points;
• Introduction of its first credit card;
• Offering mobile and online banking;
• Introduction of bancassurance;
• Reduction of long-term lending;
• Focus on microfinance;
• Growth in lending by 20% (from outstanding loans of THB3bn at
  the end of 2010);
• Reduction of non-performing loans by 200 basis points to 3%,
  and
• Introduction of an automated service that will determine a
  customer’s credit-eligibility in 30 minutes.

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