SMEs in focus as part of new growth strategy of Land and Houses
Land and Houses Financial Business Group (LHFG) is targeting small and medium-sized enterprises (SMEs) and retail businesses for loan expansion to fuel growth, as announced by Group President Shih Jiing-Fuh.
This plan follows a substantial 32.8% rise in net profits to 2.096 billion baht in 2023.
Shih highlighted positive economic conditions in the country, including tourism, government incentives for foreign investment, and consumer spending, which he believes will benefit commercial banking growth.
LHFG will focus on increasing its customer base among retailers and SMEs, leveraging digital platforms, partnerships, and streamlined processes. Electronics, EVs, car parts, renewable energy, and PCBs are industries of key interest for SME loans.
Despite high interest rates potentially slowing expansion, Shih anticipates that a possible rate reduction later in the year could boost loan applications. He emphasized LHFG's commitment to responsible lending to avoid an uptick in non-performing loans.
LHFG plans to introduce sector-specific leadership programs and expedited processing to support efficient customer service and long-term SME growth. The group also aims for a 20% increase in home and refinancing loans and intends to enhance various financial products for customers.
LH Bank, part of LHFG, saw a net profit jump of 54.9% to 1.693 billion baht, mainly from retail home loans and improved interest margins. It has managed an NPL control rate of 2.65% and substantial NPL coverage. The bank plans to lend 1 billion baht in 2023, targeting annual growth of 10-15% over the next five years.
Monrat Phadungsit, President of Land and Houses Fund Management (LH Fund), unveiled strategies to bolster fund performance domestically and internationally to attract a diverse clientele. The company oversees funds worth 61.112 billion baht, a 10% increase from 2022, and aims to educate stakeholders on various fund types, with a particular focus on REITs.
LH Securities President Kant Athatamsunthorn is steering the company towards better technological and advisory efficiency, seeking to attract new clients and engage more deeply with existing ones through digital platforms. A 12.6% decline in revenue to 541.35 million baht in 2023 reflects lower trading activity on the Stock Exchange of Thailand.
Shih highlighted positive economic conditions in the country, including tourism, government incentives for foreign investment, and consumer spending, which he believes will benefit commercial banking growth.
LHFG will focus on increasing its customer base among retailers and SMEs, leveraging digital platforms, partnerships, and streamlined processes. Electronics, EVs, car parts, renewable energy, and PCBs are industries of key interest for SME loans.
Despite high interest rates potentially slowing expansion, Shih anticipates that a possible rate reduction later in the year could boost loan applications. He emphasized LHFG's commitment to responsible lending to avoid an uptick in non-performing loans.
LHFG plans to introduce sector-specific leadership programs and expedited processing to support efficient customer service and long-term SME growth. The group also aims for a 20% increase in home and refinancing loans and intends to enhance various financial products for customers.
LH Bank, part of LHFG, saw a net profit jump of 54.9% to 1.693 billion baht, mainly from retail home loans and improved interest margins. It has managed an NPL control rate of 2.65% and substantial NPL coverage. The bank plans to lend 1 billion baht in 2023, targeting annual growth of 10-15% over the next five years.
Monrat Phadungsit, President of Land and Houses Fund Management (LH Fund), unveiled strategies to bolster fund performance domestically and internationally to attract a diverse clientele. The company oversees funds worth 61.112 billion baht, a 10% increase from 2022, and aims to educate stakeholders on various fund types, with a particular focus on REITs.
LH Securities President Kant Athatamsunthorn is steering the company towards better technological and advisory efficiency, seeking to attract new clients and engage more deeply with existing ones through digital platforms. A 12.6% decline in revenue to 541.35 million baht in 2023 reflects lower trading activity on the Stock Exchange of Thailand.
