Search Results for: a loan growth
- Business News
Banking on success: Line BK logs in for double-digit loan growth
In a bold move against economic headwinds, Line BK, the social banking brainchild of Kasikornbank (KBank) and Line Corp, is setting its sights on a double-digit loan growth surge this year, powered by cutting-edge technology. Eyeing a hefty 3-4 billion baht boost in new loans, Line BK is steering towards a 13-18% growth, up from last year’s 22 billion baht…
- Business News
Bank loan growth to shrink despite Q4 rise in retail lending
Bank loan growth is anticipated to shrink this year despite a slight rise in the fourth quarter, as banks maintain their cautious lending practices into 2025 to 2026 due to sluggish GDP growth, analysts report. Analyst Weerapat Wonk-Urai from CGS International Securities (Thailand) highlighted a rising ratio of underperforming loans in retail lending, prompting banks to enforce stricter credit standards…
- Thailand News
Thailand’s household debt growth slows amid stricter loan criteria
Household debt growth in Thailand decelerated in the first quarter of this year, partly due to stricter loan criteria imposed by financial institutions, the National Economic and Social Development Council (NESDC) announced. The NESDC Secretary-General, Danucha Pichayanan, reported that household debt reached 16.3 trillion baht in the first quarter of 2024, marking a 2.5% increase, which is a slowdown from…
- Thailand News
Thailand bank loan growth forecast cut to 1.5% for 2024
Kasikorn Research Centre (K-Research) reduced its overall loan growth projection for the banking industry in 2024 to 1.5%, down from the earlier forecast of 2.5-3.5%. This adjustment reflects borrowers’ diminished ability to access credit amid slower economic growth. K-Research’s updated assessment, released yesterday, August 13, indicates that banks’ lending expansion this year will be primarily driven by business loans, with…
- Business News
Krungsri aims for 7% loan growth in multinationals.
Despite a contraction in loans last year, Krungsri, Bank of Ayudhya, is ambitiously targeting a 7% loan growth for its Japanese and multinational corporation (JPC/MNC) banking clients this year. This was announced by Bunsei Okubo, head of JPC/MNC banking at Krungsri, who attributed last year’s 10% loan contraction to the sluggish growth of the Thai economy and the automobile industry.…
- Business News
Krungsri Bank targets 2-3% growth in SME loans in 2024
Krungsri, Thailand’s fifth-largest lender, is optimistic about achieving a 2-3% growth in small and medium-sized enterprise (SME) loans in 2024, following a surge in the first quarter of the year. The bank’s SME loans increased by over 2% by the end of March, in line with the gradual economic recovery of the country. This follows a robust 11% growth in…
- Business News
Krungsri Auto predicts minimal growth in new auto loans despite EV boom
Krungsri Auto, Thailand’s leading auto loan provider, predicts a mere 0.4% increase in its new auto loans for 2024, despite the anticipated boom in electric vehicle (EV) sales at the upcoming 45th Bangkok International Motor Show. This forecast was shared by Congsin Congcar, the head of Krungsri Auto Group, after the company issued over 223 billion baht in new auto…
- Business News
Thai banks see 0.71% loan growth as SMEs and households struggle
Thailand’s top six banks reported a meagre loan growth of 0.71% in the first three quarters of 2023, as compared to the same period in 2022. This slowdown is primarily due to reduced loan uptake by small and medium-sized businesses (SMEs) and an increase in household debt. The six banks—Bangkok Bank (BBL), Kasikornbank (KBank), Krungthai Bank (KTB), Siam Commercial Bank…
- Economy News
Thai banks report strong mortgage growth despite April’s new loan regulations
Ever since the Thai government enforced the higher loan-to-value ratios on property lenders last April, borrowers and developers have been generally unhappy with the result – a sluggish new home-buyer market. But some commercial lenders, particularly some of the larger ones, have still reported strong lending growth for the first nine months of 2019. Kasikorn Bank says its housing loans surged…
- Business News
Kasikorn Bank predicts 4-6% growth in loans for 2020
Despite the expectation of a sluggish economy in 2020, Kasikorn bank aims to grow its loan volume by 4-6% next year. They it say they will achieve this withs emphasis “on services that meet customers’ business and lifestyle needs, effective cost management and using data in lending to retail customers”. Banthoon Lamsam, KBank’s board chairman, says the Thai economy in 2020…
- Business News
Thailand pawn giant cashes in on gold boom, loans soar
Thailand’s leading pawn shop chain, Easy Money, is expecting its highest loan growth in two decades, fuelled by surging gold prices and a wave of young entrepreneurs seeking short-term financing. “Loan demand is booming like we haven’t seen in 20 years,” said Easy Money Group chairperson Sittiwit Tangthanakiat. The company reported outstanding loans of 27 billion baht for the first…
- Business News
Thai business loans expected to rise as year-end demand heats up
Business lending in Thailand is expected to rebound in the final quarter of the year, driven by rising demand from both large corporations and small firms, according to industry analysts. The uptick comes as the Bank of Thailand (BoT)’s latest regulations support the government’s debt relief initiative, giving financial institutions new tools to handle non-performing loans (NPLs) more effectively. Weerapat…
- Business News
Comeback call: Thailand’s smartphone market dials up growth
Thailand’s smartphone market powered back to life last year after two years in the doldrums, defying a sluggish economy. Global research giants IDC and Canalys both report an upward swing in sales: from IDC’s impressive 17.1% growth, with 16.9 million units shipped, to Canalys’s solid 7.1% increase, marking 16.4 million units sold. IDC predicts this growth spurt will carry on…
- Business News
Thailand leads ASEAN in gold-driven financial growth, inclusion
Gold’s role in providing financial stability amid global uncertainties is gaining attention as the world moves into 2025. Traditionally linked to prosperity and wealth in Thai culture, gold remains a symbol of celebration during significant family events such as weddings and birthdays. Despite societal changes, gold’s cultural significance continues to drive strong consumer demand in Thailand, evidenced by the nation’s…
- Business News
Thailand’s manufacturing index poised for growth after 2024 dip
Thailand’s Manufacturing Production Index (MPI) is set to see a turnaround next year, with expectations of a 1.5 to 2.5% growth. This forecast comes as a recovery from the anticipated 1.6% contraction in 2024, largely attributed to weak consumer purchasing power and high household debt, as reported by the Office of Industrial Economics (OIE). OIE Director General Passakorn Chairat expressed…
- Tourism News
Loan clouds gather: Thailand’s tourism faces a credit crunch storm
Thailand’s domestic tourism scene is facing stormy weather as concerns mount over rising consumer loans and mortgage defaults, industry insiders reveal. These financial headaches are casting doubts on whether short-term festival and event promos can still work their magic. The latest report from the National Economic and Social Development Council waved a red flag, revealing a troubling uptick in personal…
- Thailand News
Buckle up: Thai auto shifts gears for loan market acceler-ace-tion
Hold onto your seat belts, folks, because CIMB Thai Auto is gearing up for a high-octane comeback in the used car loan market. The subsidiary of CIMB Thai Bank (CIMBT), known for its expertise in financing pre-loved motors, has its eyes set on a market turnaround next year, fuelled by a gradual economic recovery and cooling interest rates. Upbeat Managing…
- Thailand News
Thailand approves 55 billion baht low-interest home loans
The Thai Cabinet has approved the Government Housing Bank (GHB) to roll out a low-interest loan package worth 55 billion baht. This initiative aims to enhance housing accessibility for Thai citizens and includes two major schemes: a fixed-rate mortgage for the first five years at 3% per annum for purchasing or constructing homes, and a low-interest loan for home renovations…
- Thailand News
Thai Cabinet approves 15 billion baht loan for small businesses
The Thai Cabinet approved a substantial loan initiative aimed at boosting employment and entrepreneurship with a budget of 15 billion baht, targeting street vendors and small businesses to alleviate high-interest debt. The scheme is expected to benefit around 300,000 individuals across the country. Finance Deputy Minister Paophum Rojanasakul announced that the Cabinet agreed to allow the Government Savings Bank (GSB)…
- Thailand News
Thailand targets 3.5% GDP growth amid economic challenges
The Finance Ministry of Thailand has ambitiously set the stage for GDP growth by targeting a 3.5% annual increase. This announcement was made at the CEO Econmass Awards 2024, where Finance Minister Pichai Chunhavajira delivered a keynote address. The minister expressed optimism that next year’s growth rate could reach 3%, marking a 10% increase from this year’s forecasted 2.7%. “This…
- Thailand News
Mortgage growth in Thailand hits 23-year low at 1.2%
Kasikorn Research Center (K-Research) projects a mere 1.2% growth in mortgages within the commercial banking sector this year, marking the lowest expansion rate in 23 years. This subdued growth is largely due to the weakened purchasing power of potential homebuyers. According to Kanjana Chockpisansin, head of banking and financial sector research at K-Research, the second quarter of 2024 saw commercial…
- Thailand News
Thai household debt hits 13.6 trillion baht as bad loans rise
Thai household debt has surged to alarming levels, reaching 13.6 trillion baht, with non-performing loans (NPLs) climbing to 1.2 trillion baht. The National Credit Bureau reports a consistent rise in bad debts across housing, automotive, and credit card sectors. Data from the end of July indicates that household debt in Thailand reached a staggering 13.6 trillion baht. This figure is…
- Business News
Thai Finance Ministry enhances data use for economic growth
The Ministry of Finance is advancing its data utilisation efforts to develop comprehensive profiles of Thai citizens’ liabilities and assets, aiming to bolster economic development. Permanent Secretary Lavaron Sangsnit revealed that creating a data lake will enable the government to craft improved national development policies and identify regional strengths and weaknesses. This system will consolidate diverse information about citizens, including…
- Thailand News
Grab Thailand launches new cash loans for partner merchants
Grab Thailand announced a revamped portfolio of cash loans aimed at its partner merchants, offering three distinct loan products to cater to businesses of all sizes. The new offerings include loan amounts up to 10 million baht with interest rates capped at 1% per month for larger businesses. The initiative aims to boost working capital, enhance liquidity, and support entrepreneurs…
- Guides
Sasha Alex Sloan’s “Me Again” Tour in Asia- Bangkok
If you’re a fan of heartfelt lyrics and soulful melodies, Sasha Alex Sloan’s “Me Again” tour in Asia is something you won’t want to miss. Known for her raw, honest songwriting and captivating voice, Sasha has garnered a dedicated following worldwide. Now, she’s bringing her deeply personal and evocative music to stages across Asia, promising an unforgettable live experience. So,…
- Business News
Thai banks team up to boost halal exports with low-interest loans
The Export-Import Bank of Thailand (Exim Bank) has partnered with the Islamic Bank of Thailand (IBank) to provide loans at interest rates lower than the prime rate, aiming to establish Thailand as ASEAN’s halal hub by 2028. Representatives from Exim Bank, IBank, the Sheikhul Islam Office (Chularatchamontri), and various sectors involved in supporting halal products, yesterday, August 6, signed an…
- Business News
LH Bank targets doubling Taiwanese loan portfolio within five years
A subsidiary of the Land and House Financial Group (LHFG), LH Bank revealed its ambitious plan to double its Taiwanese loan portfolio over the next three to five years. This strategy is backed by the increasing influx of foreign businesses into the Thai market. LHFG President Shih Jing Fuh highlighted that despite moderate overall loan growth in the first half…
- Business News
Thai SME bank sees non-performing loans surge to 13%
Rising non-performing loans (NPLs) in the first seven months of this year have predominantly emerged from wholesale and retail sectors, as reported by the Small and Medium Enterprise Development Bank of Thailand (SME D Bank). The Managing Director of SME D Bank, Phichit Mitrawong, attributed the increase to sluggish economic conditions, which have led to a contraction in consumer purchasing…
- Business News
Thailand boosts SMEs growth in upcoming Synergy Expo 2024
Thailand is set to boost marketing opportunities for small and medium-sized enterprises (SMEs) through the newly announced Thailand SME Synergy Expo 2024. This five-day trade show, running from June 19 to 23 at the Queen Sirikit National Convention Center in Bangkok, is a collaborative effort by the Business Development Department (DBD), the Office of SMEs Promotion (Osmep), and several governmental…
- Business News
Peso power play: CIMB targets record 75 billion in loans for 2024
CIMB Bank Philippines, a subsidiary of Malaysia’s CIMB Group Holdings Bhd, announced an ambitious lending target of over 75 billion pesos (US$1.28 billion) to Filipino customers this year. This represents a 23% increase compared to 2023, according to the bank’s chief executive officer. Chief Executive Officer Vijay Manoharan disclosed the bank’s plans during a press conference, stating that CIMB Bank…
