SCIB plans to lend more this year

BANGKOK, 20 January 2010 (NNT) – The Siam City Bank Plc (SCIB) has targeted to release more loans worth 18 billion THB for this year, a 6% increase when compared with 2009, due to domestic recovery.

Speaking about a business operational plan of the bank, SCIB President and CEO Chaiwat Utaiwan stated that the bank would still focus on releasing loans to retail customers and SMEs. He said the bank’s lending business this year was estimated to expand by not less than 6% year-on-year since the national economy was expected to grow by 3-3.5% in line with the global economic recovery.

The president added that the bank also planned to sell non-performing loans worth 10 billion THB if the economy recovered well. He expressed his belief that NPL of the bank would reduce from 7% last year to less than 5% in this year.

Mr Chaiwat also admitted concerns over unclear recovery signs of the US economy, rising oil prices, the investment problem of the Map Ta Phut industrial estate, and political uncertainty in Thailand.