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.
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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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