"Thai Credit Bank" announced a record high profit for the year 2023, at nearly 3,557 million baht

Thai Credit Bank Public Company Limited announced its performance for the year 2023, achieving a record-high net profit of nearly 3,556.8 million baht, an increase of 51.2%. New loan disbursements increased by 22,858.5 million baht, supporting a year-end loan portfolio of 144,156.5 million baht due to growth across all major loan groups, especially micro SME loans, nano and microcredit for traders. The bank managed to control costs, maintaining a Net Interest Margin (NIM) of 8.2% and a Return on Equity (ROE) that surged to 22.31%. Looking into 2024, the bank is ready to continuously expand its loan portfolio with a low-cost capital structure.
 

Mr. Winyou  Chaiyawan, CEO of Thai Credit Bank Public Company Limited (“the Bank” or “Thai Credit Bank”), revealed the bank's performance at the end of 2023 (January - December 2023). The bank had a notable loan growth rate, with loans to debtors amounting to 144,156.5 million baht, an increase of 22,858.5 million baht or 18.8% from the previous year, primarily due to growth in all major loan groups, including micro SME loans, nano and microcredit for traders, and home equity loans.

This aligns with the bank's interest income of 15,894.6 million baht, up 25.3% from the previous year's 12,684.7 million baht, mainly due to increased interest income from loans to debtors by 2,904.5 million baht, driven by growth in all major loan product groups and an increase in the bank's reference interest rate. This, coupled with focused management, resulted in a decrease in the ratio of other operating expenses to operating income from 39.5% at the end of 2022 to 36.7% at the end of 2023, mainly due to improved operational efficiency through the use of developed tools, leading to better performance in terms of income, loan volume, and deposits per branch.
 

As a result, the bank achieved a record-high net profit at the end of 2023 of 3,556.8 million baht, an increase of 51.2% compared to the previous year's 2,352.5 million baht. The NIM for 2023 was 8.2%, similar to the previous year's 8.4%, despite an increase in the average financial cost, in line with the Bank of Thailand's policy rate adjustment and the end of the Financial Institutions Development Fund (FIDF) fee reduction in 2022. However, the net profit margin for shareholders in 2023 (ROE) increased to 22.31% compared to 18.94% the previous year.

For 2024, the bank will continue to grow sustainably through capital raising (IPO), enhancing operational management and strengthening its capital fund for continuous loan portfolio expansion, aiming for a 20-30% annual growth rate with high returns and a low-cost capital structure.

Thai Credit Bank focuses on nano and microcredit for traders (Nano and Micro Finance) and micro SME business loans (Micro SME), serving customers in Thailand who are underserved by financial services. It also offers deposit services and other banking-related services, adhering to a vision and mission focused on sustainable growth by providing the best financial services to support customers' business growth and improve their quality of life with unique microfinance services, aiming to sustainably elevate financial lives under the philosophy "Everyone Matters."