Islamic Bank of Thailand shifts focus on retail    
Industry News

Source : Retail Banker International

The Islamic Bank of Thailand (IBT) has announced a shift in business focus, with new products and services set to be introduced this year.

The bank aims to achieve sustainable business growth and profits following a 52% increase in net profits to THB1.25bn year-to-date.

Total assets as of 31 December 2010 were THB98.36bn, an increase of 53% from the previous year.

The bank’s targets for 2011 include:

  • An increase in the retail client base: Currently, the corporate clients to retail customers ratio is 55 to 45 – but IBT targets a growth in retail clients ratio by 150 basis points;
  • Introduction of its first credit card;
  • Offering mobile and online banking;
  • Introduction of bancassurance;
  • Reduction of long-term lending;
  • Focus on microfinance;
  • Growth in lending by 20% (from outstanding loans of THB3bn at the end of 2010);
  • Reduction of non-performing loans by 200 basis points to 3%, and
  • Introduction of an automated service that will determine a customer’s credit-eligibility in 30 minutes.
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