Tag Archives: banking

Thai Banks Mostly Advance in Q1

Thailand’s banks reported their first quarter performance with most of them advancing.

In an infographic released by the Stock Exchange of Thailand, eight out of the ten analyzed banks have excelled while one has remained the same and another dropped drastically.

The ten banks have released a combined net profit report for the first quarter of 2017. In it, they announced the total net profit of 55.71 billion baht. All in all, it was an 8% increase compared to the performance in the same time of last year.

The top three in terms of net profit are Siam Commercial Bank (SCB), Kasikornbank (KBank), and Krungthai Bank which have 11.91 billion baht, 10.17 billion baht, and 8.53 billion baht respectively. Meanwhile, CIMB Thai Bank suffered the biggest loss with a 63% drop in net earnings compared to their performance in the same quarter of last year.

The chief executive officer and president of SCB, Arthid Nanthawithaya relayed the satisfaction of their firm with its performance for the first quarter in a press release. The 11.91 billion baht net profit of the banking firm was a 13% increase from last year’s performance in the same time period. According to Nanthawithaya, the increase can be attributed to the hike in net interest income, net fee, and service income. He laid out future plans in their press release saying, “We are focusing on developing staff capabilities so they can adapt to changes and respond to new business models and client needs in the future.”

Second placer KBank’s 10.17 billion baht net profit increased by 5.45% compared to last year’s first quarter performance. The president of the banking firm, Predee Daochai, expressed their positive outlook for this year. The higher interest income is the reason why his bank performed so well.

Most banks see a positive outlook for the rest of 2017.

B20 Billion Loan for Elderly to be Backed by GH Bank

The Government Housing Bank (GH Bank) is loaning a total of 20 billion baht for pre-financing and mortgages of the elderly of Thailand. The chief of the bank confirmed the approaching deal.

The president of GH Bank, Chatchai Sirilai, said that 50% of the total loan will be designated to pre-financing the residences of the elderly. He added that the bank is already in discussion with the National Housing Authority and the property developers.

Mr Chatchai commented about the project saying, “Next year we will focus on supporting the development of homes for the elderly. GH Bank will provide loans to both property developers and the general public. The loan amount of 20 billion baht has not taken reverse mortgages into account, as the bank can only start offering reverse mortgage services after the law is amended. That issue is currently considered by the Finance Ministry.”

The lending has already began with 1 million baht out of the 20 billion baht already available for those who are taking care of their old parents. Despite this, the lending amount remains marginal because of homeowners who prefer the housing loan package offered on the 63rd anniversary of GH Bank.

The president said that they had set a new 2016 loan target at 170 billion baht. This is realistic goal as the bank has already acquired a total of 151 billion baht in loans as of December 13.

The GH Bank is a financial firm built under the command of the late King Bhumibol Adulyadej on January 9, 1953. King Bhumibol Adulyadej aimed for the bank to support housing finance the Thai people. It used to act solely as a housing developer but today, it is a leading financial institution in the country with collaborative agreements and projects with other branches of the government such as the Social Security Office, the National Housing Authority, and the Government Pension Fund. The GH Bank mostly focuses on housing loan projects such as the ones mentioned in this article.

Money Matters: Why You Should Try Online Banking

Today, we live in a world where almost everything has been accessed by technology. If you walk now outside in the city you are sure to see businessmen talking on their headsets, teenagers browsing on their smartphones, security guards gliding on their segways, kids playing apps in their tablets, and companies advertising in hi-definition flat screen TVs. Everywhere you turn, technology has taken over.

It’s no difference with banking. If in the days when internet was just starting that you would have to go to the bank to deposit and withdraw money, sign papers to authorize transactions, and lining up to get your money for your bills and needs, today you would just have to sit down. With the internet revolutionizing everything from stores, news, and communications, banking is no exception.

Online banking is a fairly new trend offered by financial institutions. Of course not everyone is sold to the idea of having your money managed by the internet where hacking and viruses are amock. However, with the continuous advancement in technology, online security has never been more safe. That’s why if you have not experienced the wonders of managing your money online, then let us tell you why.

1) Getting Rid of the Middleman

The most obvious benefit you’ll have about online banking is skipping going to the bank altogether. Just get a computer, a laptop, or any internet device and have a stable internet connection and you’re good to go. You’ll be able to manage your money yourself plus it gets rid of you having to get ready to go out. You don’t have to suffer the awkwardness of dealing with other people and listening to sales pitches you aren’t interested in. And if you do have questions or want to know more about a service, you can easily turn to customer service which now comes in emails, chats, and phone calls. As an added bonus, online banking adds to your privacy as you won’t have to see other people dealing with their finances, especially if they are people you know.

You can simply sit at your couch, transact on your laptop, and be done with it. Continue your day. No more traffic, no more lines, and no more hassle.

2) Technology

What makes online banking really attractive is that it has first dibs in online upgrades and features. More often than not, companies have special offerings in online banking. Such offerings include bills payment, online shopping privileges, and and money transfers. These advances are made available online because of the competitive market already growing among the big banks among the consumers.

You can even access your online bank through your mobile so wherever and whenever you can just go ahead and transact.

3) Free Checking

If there’s anything that an online bank can best offer you is free checking. In normal cases at banking institutions, free checking is offered only to those that either have big balances on their accounts or those who have automatic paycheck deposits.

Word of Warning

Online banking is a part of our ongoing pursuit for advancement and it is inevitable that you encounter and partake in them in some way eventually. However, it is understandable that you would choose banking institutions over a piece of device that is prone to phishing, hacking, scams, and other technical glitches. No matter what you choose, always exercise caution.

Money Matters: Why You Should Be Wary of Mobile Banking

The technological advances that allowed for us to use the internet and our mobile phones as the easier and faster means of managing money has revolutionized the money transfer service industry. Today, with the immense popularity that smartphones are experiencing, it is slowly becoming a standard for phones to be used in about everything: messaging, conducting business, playing games, writing a document, watching movies, reading novels and news, carrying out basic functions such as calculating and keeping time, and now, managing money.

However, as amazing as fitting all these functions in handy compact smartphone, money matters are different. What makes

1) Prone to hacking
One of the biggest advantages of mobile banking is that it is just that, mobile. It means you can go ahead and transact money anytime, anywhere through using your phone in online platforms. However, its biggest advantage is also its biggest disadvantage. Mobile internet is a complex and open network system which anybody may access with the right skills and hacking prowess. Unlike tangible security tools like locks, walls, and fences, mobile internet has other things. Instead of locks, they only have passwords that may be hacked through logic if it’s not complex enough. Instead of concrete walls, the cyberworld only has firewalls that may bypassed through by using simple hacking techniques such as proxies and remote access. Unlike it’s PC counterparts, accessing the internet in your mobile phone poses a greater threat as it cannot handle the level of security that PCs can manage with its more advanced processors and bigger memory.

2) Mobile Dependent
Another posing problem is that mobile banking depends on a mobile phone. If, for any unfortunate reason, your mobile phone is somehow rendered useless due to, for example, robbery or accidents, then you would have to go through all the trouble of retrieving the information lost.

3) Reception Reliant
The condition set by having a mobile phone is that it must have reception. This means that if you need to any money transfer service and it happens to be that there is no signal where you are, you won’t be able to access your account.

While these threats do exist, mobile banking is still part of the modernization of our would. Hopefully, in the future, online securities and data limitations will be overcome by our still ongoing technological advances. Still, take extra care in handling money online so that you won’t be regretting jumping in the bandwagon of a mobile revolution that is still being perfected.

Banking 101: Selecting the Right Bank

Selecting the right bank for you is the first step to financial security. You may be tempted to just go with which bank is the most famous or the biggest or the most talked about. It is true that the big banks got to where they are because of years of development, however there is more to it than popularity.
History tells us that it doesn’t matter how big or small a bank is, every one of them are at risk of bankruptcy. That is why when selecting your bank, don’t simply go with the tide. You should consider the reputation of the bank but you should also factor in your preferences.
Here are 5 factors to consider in selecting your bank.
Before anything else, you should consider a bank’s Legitimacy and Reputation. In order to ensure the safety of your hard-earned money, you must make sure that the financial institution you are entrusting them to is legal and trustworthy. There are ways that you can do this. One of them is looking up your prospective bank on the list of Federal Deposit Insurance Corporation of legitimate banks. You also have a slightly safer choice with banks that have reputation.
Once you’ve guaranteed the legitimacy and reputation of your prospective bank, its time to consider your preference with the Location and Size of the bank. You must consider if you need to be close to your bank or not and whether there are ATMs available near you for your convenience. Sometimes you are better off using a local bank if you’re not keen on travelling. The size of the bank is important as it indicates accessibility. The bigger the bank, the more the branches it has internationally.
Another factor you should look at is the Charges. Banks vary in this sense as they have different charges and policies depending on the kind of savings you want to have. That is why you must do your research before entering into a transaction with a bank. You must know what banks cater to your needs whether you will be saving up long time or be proactive in your finances.
Your needs is another factor with the Accessibility of the bank to be considered. What kind of client are you? There are people who want personalized banking service while others are okay with impersonal but instant transactions such as online dealings. Make sure you are getting what you want depending on your banking needs.
The last factor to consider is your Savings Capacity. Some banks were made specifically for clients that have large amounts to deposit while other banks were customized to cater to clients that have small balances. Some banks were made specifically for different kinds of clients such as employees, trustees, etc.
Taking into account everything above will not guarantee you of a 100% risk-free banking experience but it will make sure that your money is at the safest place it can possibly be. Do your research, select your bank, and begin securing your financial future.

Banking 101: Importance of Banks

The Importance of Banks
Banks are financial institutions that are licensed to keep your money through withdrawals and deposits which may be owned or regulated by a central bank or the national government. They are vital institutions for the nation and the economy to function properly.
However, other than the essential part it plays to regulate the regulation and distribution of a nation’s money, banks are also important for the individual citizen. Here are three reasons why banks are important.
1) Banks are secure.
When you were a kid, you probably stashed the extra cash you had under the bed or in a piggy bank or in the corner of your underwear drawer. However, all these mentioned places are vulnerable. Your home, however safe you may think it is, is prone to disasters, natural and man-made. The cash under your bed could be left behind during a fire and burned to a crisp. Your piggy bank could be smash opened and your cash be stolen. Your underwear drawer could be drowned in a flood or hurricane. Worse, you could just altogether forget where you hid your money. Basically, the home is not an ideal place to keep your money.
Banks were made for the specific purpose of keeping your money for you. The key is to choose a legitimate bank protected by a legal insurance company. For example, in the US, banks under the FDIC or the Federal Deposit Insurance Corporation proved to be reliable despite times of financial crisis. Your money is really just safer in a bank.
2) Banks are convenient.
Banks provide convenience and practicality. With the rise of the internet, banking has changed forever. Aside from the thousands upon thousands of ATMs or automated teller machines that you can access anywhere there is available, online banking has also become available, allowing you to transfer money, pay bills and purchase stuff on the web. You can also keep track of your finances online, on your laptop, tablet, or phone.
3) Banks offer saving and investing.
Besides keeping your money safe and accessible to you, banks also offer the opportunity for your money to grow. By simply depositing money on a bank, it accumulates interest. There are also options for time savings, where you agree to keep your money in the bank at a specified time for increased interest rates. Investing is also an option to make your money work for you.
Banks have long stood the test of time as the keepers of wealth. Take advantage of the opportunities they provide. Save and invest.