IBank sees light at end of tunnel

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BANGKOK, July 4 – The Islamic Bank of Thailand (IBank), which has undergone a major financial rehabilitation, is making progress in restructuring Bt20 billion non-performing loans, according to bank president Premkamon Tinnakorn Na Ayuthaya.

He said the Bt8 billion default will be resolved in August and another Bt7 billion in November while an amount of Bt5 billion is under legal process.

He said IBank will launch a variety of products and incentives to generate Bt20 billion deposits from major clients.

The bank will concentrate on offering loans to small- and medium-size business operators at a proportion of at least 42 per cent by the end of this year, he added.

Thongrob Danampai, IBank acting chief executive officer, said the bank has set a target to lower its non-performing loans (NPLs), at Bt38.5 billion in May, to Bt18.5 billion at the end of this year.

He said IBank has yet to discuss with the central bank its planned increase of its capital at Bt6 billion.