SCB confident in business growth, economic recovery

BANGKOK, 27 January 2010 (NNT) – The Siam Commercial Bank (SCB) is confident with the potential of banks to have its total loan expanded by about 7-10% following the estimation of the Thai economy’s growth of no less than 3.5-4.5%.

SCB President, Kannikar Chalitaporn, expected that the Thai economy this year would expand by 3.5-4.5% following the global economic recovery. She said the private sector could operate its business continuously if the country remained peaceful.

Ms Kannikar foresaw that the SCB would be able to meet its targeted income of 17% with a loan expansion of 7-10% due to approval of loans for big businesses, small and medium businesses, as well as personal loans alike. She added that her bank expected non-performing loans this year to reduce to 3.9% from 4.4% last year.

The bank president continued to say that SCB was not affected from loans approved for businesses investing in Map Ta Phut industrial estates since the loan sizes were less than two billion THB. She confirmed that the bank had no plans to scrap loan approval for small projects.