In 2019, Thai economy grew at a slower pace than projection which was 2.4% due to global economic stagnation caused by US-China trade war and Thai baht appreciation which negatively affected the export competitiveness and limited the investments of both public and private sectors while household spending decelerated and tourism sector, the key driver for Thai economy, picked up fairly well till the end of the year and started slowing down due to the baht appreciation.
In 2020, it is expected that Thai economy is likely to expand lower than the potential level with key risk factors that need close monitoring and assessment, such as the outbreak of COVID-19 (Coronavirus), delayed Budget Bill for the fiscal year 2020, drought, trade protectionism, etc.
Land and Houses Bank Public Company Limited had the total assets of Baht 230,548 million or dropped by 3.4 % from the previous year. The total loans to customers were Baht 178,898 million or declined by 1.8% from the previous year. In addition, the bank’s loans were considered good quality while non-performing loans (NPL) were 1.55% of the total loans. The bank had revamped and added new products and services to satisfy customers and make them feel more comfortable and convenient. In addition, the bank also focused on the development of bank’s branches to become more professional financial advisor, and enhancement of service technologies of electronic banking (Digital Banking) in order to allow its customers to manage their daily financial transactions quickly and conveniently every day, anytime, and anywhere. In addition, the bank launched the E-Wallet Payment via QR Code and Trade Finance service, backed by the expertise and strengths of CTBC Bank, a partner from Taiwan whose operations cover 111 outlets in 14 countries worldwide in order to facilitate users and to support the continued expansion of import and export business of Thailand.
In 2019, the bank revamped the service platform and all branches to be professional financial advisors. More importantly, in the year 2020, the bank still focuses on technological development as to meet the needs of customers by making services more convenient and faster and financial transactions can be done every day, anytime, anywhere. Furthermore, it focuses on growing financial advisory or wealth management through collaboration with business alliances in terms of life insurance and mutual fund products and will develop the Mobile Banking Application for Trade Finance to allow easier access with faster service.
The Board of Directors recognizes the importance of good corporate governance by conducting business with transparency, fairness, accountability and protecting the best interests of all stakeholders, and society as a whole. In addition, the management with integrity leads to increased competitiveness and is the solid foundation of sustainable growth. Furthermore, the Board of Directors also encourages the bank to adhere to the compliance guidelines on market conduct.
Finally, on behalf of the bank, I would like to thank our valued customers, shareholders and all stakeholders, employees, public and private financial institutions and government agencies for their trust and continued support that they have placed in Land and Houses Bank Public Company Limited.