28 May 2024
The Islamic Bank of Thailand (ibank) held the 2024 Annual General Meeting of Shareholders through electronic platform (e-AGM) on Tuesday afternoon, May 28, 2024. The bank assigned Inventech System (Thailand) Company Limited to provide services and systems for the meeting through electronic means which has been conformed to the relevant laws. Mr. Yongyutt Chaipromprasith, the Chairman of the Board presided as the Chairman of the meeting while the other members of board and executives also attended meetings via electronic channel.
Dr. Thaweelap Rittapirom, Director and President of the Bank stated to the meeting about the operating results for the fiscal year 2023 starting from 1st January to 31st December 2023 that the Bank had total income of 3,322 million baht, an increase of 12 percent compared to 2022, and the Bank was able to reduce operating expenses by 15 percent from 2022 while there was a 63 percent increase in financial expenses. This is because the situation in the money market has fluctuated significantly. The Bank has provisions for bad debts and doubtful accounts to accommodate credit risk and the use of financial reporting standards. (Financial instruments group) to support compliance with TFRS 9, including setting reserves according to debt levels and setting reserves in excess of the minimum criteria. As a result, the bank had a net profit of 248 million baht in 2023, an increase of 1,553 percent compared to 2022. As for non-performing debt (NPF), the bank was able to manage non-performing debt, reducing it to around 18 percent from 21 percent in 2022.
In terms of non-financial performance, the Bank celebrated the 20th anniversary of the Islamic Bank of Thailand on June 12 by developing a special scheme for more than 20 deposit products and 20 financing projects to meet the needs of all segments of customers. The Bank also emphasized on Muslim customers by upgrading its Al-Hajj deposit products to be in line with their lifestyles. In this connection, the Bank expanded the purpose of this deposit to Al-Hajj and Umrah deposits. In addition to saving for the pilgrimage, the bank also gives the opportunity to depositors to win prize packages to perform the Hajj and Umrah in Saudi Arabia, totaling 45 prizes, up from 12 rewards in 2022. Furthermore, The Bank has cooperated with the Export-Import Bank of Thailand or EXIM and various partners to promote and support Halal entrepreneurs for export in the form of providing knowledge and helping entrepreneurs in getting Halal standards. As well as promoting the potential of Thai Halal entrepreneurs to export in the world market.
As for the development of services, in 2023 the bank successfully developed an ibank application that deployed in the government's e-wallet in Pao Tang which was considered the first mobile banking that complied with Shariah principles in Thailand, given the bank's customers are more convenient and easier than before.
The Bank will consistently develops its products and services in order to gain highest customer satisfaction and also emphasize on conducting business under good corporate governance while conducting business with care for society and the environment to becoming a Financial Institution that provides services according to Shariah principles for sustainability.
