Investor Presentation - bangkokbank.com · 2015-2022 Infrastructure Projects ... Medical & Wellness...
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Investor Presentation For 3Q17
Transcript of Investor Presentation - bangkokbank.com · 2015-2022 Infrastructure Projects ... Medical & Wellness...
Investor Presentation For 3Q17
1. Operating Environment
2. Bangkok Bank’s Position
3. Our Key Focus & Strategy
4. Our Financial Results 3Q17
Bangkok Bank
2
The Thai Economy: Steady Trend of Moderate Recovery
3
Source: National Economic and Social Development Board of Thailand and Bank of Thailand 2017F GDP forecast by Bangkok Bank Since 2012 GDP Revised by Chain Volume Measures
GDP growth YoY (%)
4.6% 5.1% 5.0%
2.5%
-2.3%
7.8%
0.1%
7.3%
2.8%
0.9%
2.9% 3.2% 3-4%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017F
Collapse in oil price
Great floods
Large scale fiscal stimulus
Global economic recovery
Global financial crisis
Strong Baht appreciation up to taper tantrum
Brexit US election
US Population : 323 mn
Euro area Population : 341 mn China
Population : 1,379 mn
World Population : 7.4 bn
Note: Population as of 2016 * Composed of 5 countries: Indonesia, Malaysia, Philippines, Thailand, and Vietnam Source: International Monetary Fund, World Economic Outlook update October 2017, The World Bank
ASEAN* Population : 639 mn
Japan Population : 127mn
1.5 2.2 2.3 2.1 1.8 1.7
0
1
1
2
2
3
3
2016 2018F 2020F
1.8 2.1 1.9 1.6 1.5 1.5
0
1
1
2
2
3
3
2016 2018F 2020F
6.7 6.8 6.5 6.0 5.9 5.8
5
6
6
7
7
2016 2018F 2020F
1.0 1.5
0.7 0.8 0.2
0.7
0
1
1
2
2
2016 2018F 2020F
4.9
5.2 5.2 5.3 5.3 5.3
55555555
2016 2018F 2020F
3.2 3.6 3.7 3.7 3.7 3.7
2
3
3
4
4
2016 2017F 2018F 2019F 2020F 2021F
4
Despite Stronger Global Growth, ASEAN Presents Excellent Opportunities for the long-term
90
100
110
120
130
140
Jan Jan Jan Jan Jan Jan Jan Jan
Exports and Government Spending continue to underpin Growth
Source: Bank of Thailand, The Office of Industrial Economics, Center for Economic and Business Forecasting, Bureau of Budget and Fiscal Policy Office 5
60
80
100
120
140
160
180
Jan Jan Jan Jan Jan Jan Jan Jan
Private Consumption Index Durables Index
Exports
Private Consumption
Source: Bank of Thailand, The Office of Industrial Economics, Center for Economic and Business Forecasting, Bureau of Budget and Fiscal Policy Office
Government Investment Expenditure Billion Baht
Index Jan 2012 = 100, 3mma Monthly Index Jan 2010 = 100
Monthly Index Jan 2010 = 100 sa
Flood
Flood
Private Investment
2010 2011 2012 2013 2014 2015 2016 2017
2010 2011 2012 2013 2014 2015 2016 2017
2013 2014 2015 2016 2017
90
100
110
120
Jan Jan Jan Jan Jan
Export value
Export volume
Sep Jul
0
10
20
30
40
50
60
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
FY 2015 FY 2016 FY 2017
Sep
15.9
19.2
22.4
26.5 24.8
29.9 32.6
0
5
10
15
20
25
30
35
40
2010 2011 2012 2013 2014 2015 2016
0.80 0.79
1.44 1.33
0.88 0.80 0.77
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2010 2011 2012 2013 2014 2015 2016
Bright Spots in 2017: Tourism and Motor Vehicle Sales
Visitor Arrivals
Source: Department of Tourism, Ministry of Tourism and Sports
6
No of units (in million)
Motor Vehicle Sales
0.56 0.62
9M16 9M17
Number of Foreign Tourists (in million)
24.8 26.1
9M16 9M17
Source: CEIC
Infrastructure Projects in the Pipeline
7
Inter-city rail network Baht 1,184.1 billion
Transportation in Bangkok & vicinity Baht 396.6 billion
1
2
3 Highway network Baht 160.4 billion
Water transportation Baht 3.9 billion 4
Air transport Baht 51.6 billion
5
Source: Office of Transport and Traffic Policy and Planning, Ministry of Transport
2015-2022 Infrastructure Projects 1.797 Trillion Baht
2017 Transport Action Plan 36 Projects, 896 Billion Baht
Inter-city rail network
Under construction: Chira-Khonkhaen
Approved by the cabinet: 5 projects
To be proposed to the cabinet: 7 projects
Transportation in Bangkok & vicinity
Under procurement : Yellow/Pink/Orange Lines
Proposal development: 7 lines
Highway network
Under construction: Bang Pa In-Korat
Bang Yai-Kanchanaburi
Pattaya-Map ta Phut
Air Transport
Under construction: Suvannabhumi Phase II
Other Projects
High-speed trains: Bangkok-Korat, Bangkok-Rayong
Eastern Economic Corridor
Under procurement: Rama 3-Dao Khanong –Outer Ring Road west Bangkok
9.2 11.8 12.6
2.8 3.0 1.7
1.7 2.3
5.0
9.0 2.6
2014 2015 2016
Thailand
Cambodia
Lao PDR
Myanmar
Vietnam 1.0 1.5 2.5 1.9
2014 2015 2016 Jan-Sep2017
Opportunities from Regionalization & Urbanization
Higher Connectivity in the AEC
0 20 40 60 80
Malaysia
USA
Japan
China
ASEAN
Billions of Dollar
Note: Trading value during January – September 2017 Source: Ministry of Commerce
Source: ASEAN Secretariat, ASEAN FDI database, Bank of Thailand
Thailand's Top 5 Trading Partners
8
FDI into Thailand and CLMV
8% of total trade CLMV 22% of total trade
16% of total trade
12% of total trade
9% of total trade
5% of total trade
Thailand’s Investment in CLMV Billions of Dollar Billions of Dollar
Thailand’s New Engine of Growth
10 Target Industries
Next-Generation Automotive
Smart Electronics Affluent, Medical & Wellness Tourism
Agriculture & Biotechnology
Food for the Future
Robotics Aviation & Logistics Biofuels & Biochemicals Digital Medical Hub
9
1. Operating Environment
2. Bangkok Bank’s Position
3. Our Key Focus & Strategy
4. Our Financial Results 3Q17
Bangkok Bank
10
Large Retail Customer
Base
Scale and Franchise Leadership
Multi-tiered Distribution
Platform
Long-presence
International Branches
Full Range of Products & Services
Bangkok Bank
Our strong, long-standing relationships and extensive regional network position us to benefit from the opportunities provided by current market trends
Market Leader in Corporate
& SMEs
Strong Domestic Network
11
12
60%
70%
80%
90%
100%
110%
2009 2011 2013 2015 Sep-17
Sustainable Liquidity and Funding
Note: Data as at September 2017 /1 System refers to all commercial bank in Thailand as at August 2017 Source: Bank of Thailand, Bangkok Bank Analysis
Stable deposit
base
Well-positioned
LDR
Adequate liquid assets
System/1 95.5%
BBL 84.3%
0
1,000
2,000
3,000
2009 2011 2013 2015 Sep-17
Baht bn +5.6% YTD
Our respectable liquidity ratio is supported by diversified customer base in Thailand
Regulatory Economic Momentum
15%
20%
25%
30%
35%
40%
2009 2011 2013 2015 Sep-17
BBL 36.1%
System/1 28.8%
% %
Capital requirements/2 as of the year 2020 Capital requirements/1 as of the year 2019
Dec-16 Sep-17
Capital requirements/1 as of the year 2017
Common Equity Tier 1 Ratio
Basel III
Tier 1 Ratio Total Capital Adequacy Ratio
8.0%
17.3%
Note: /1 The Bank of Thailand requires commercial banks to maintain an additional capital conservation buffer. The buffer will gradually increase by more than 0.625% each year from January 1, 2016 until it reaches more than 2.5% in January 1, 2019.
Note: /2 The Bank of Thailand announced the guidelines for identifying and regulating Domestic Systemically Important Banks (D-SIBs) in September 2017. The BOT requires D-SIBs to hold additional capital for Higher Loss Absorbency (HLA) by gradually increasing its additional capital ratio by an increment of 0.5 percent from January 1, 2019 until completion of the increment to 1.0 percent in January 1, 2020 onwards.
Note: /3 The ratios include net profit for the second half of 2016 and the deduction of dividends to be paid in May 2017 Note: /4 The ratios include net profit for the third quarter of 2017
Total Capital (Baht bn)
CE Tier1/ Tier 1 capital
424
Tier 2 capital
Strong Capital Position Our prudent policy of capital and liquidity enable us to capture future business opportunities while meeting regulatory requirements
7.25% 9.75%
361
42
12.0%
9.5%
13
Regulatory Economic Momentum
384
40 403
5.75%
16.8% 17.3% 16.8%
19.1% 18.7%
Dec-16 Sep-17 Dec-16 Sep-17 Dec-16 Sep-17
and ratio as of September 30, 2017/4
BBL’s ratio as of December 31, 2016/3
7.0% 8.5%
11.0%
45% 42% 40% 40% 40%
18% 19% 20% 20% 21%
11% 11% 11% 10% 9% 11% 12% 13% 14% 14%
15% 16% 16% 16% 16%
2013 2014 2015 2016 Sep-17
30% 30% 28% 26% 26%
16% 17% 19% 21% 22%
18% 16% 16% 16% 15%
15% 15% 14% 15% 13%
10% 11% 11% 11% 12% 9% 9% 10% 9% 10% 2% 2% 2% 2% 2%
2013 2014 2015 2016 Sep-17
Loan breakdown Percentage of composition
61% 61% 56% 60% 59%
39% 39% 44% 40%
41%
2013 2014 2015 2016 9M17
Net Interest Income
Non Interest Income
Income breakdown Baht bn, Percentage of composition
105.9 96.9
91.5 102.7
Resilient Position Across Business Cycle Diversification supports earnings stability
By business unit
By Industry
International Consumer Business
Commercial
Corporate
Manufacturing
Utilities & services
Commercial
Other Housing Real estate & cons Agri & mining
14
83.7
15
214 204 185
174 154
142 141 130 136 138
100
120
140
160
180
200
220
240
260
280
300
2013 2014 2015 2016 Sep-17
Note: /1 For 2013-2016, system refers to all commercial bank in Thailand. For Sep-17, system refers to 7 banks including BBL, KBANK, SCB, KTB, BAY, TMB and Tisco.
Source: Bangkok Bank Analysis
36.0 33.1 48.8 58.3 69.8
56.6 58.8 55.4
61.2 66.0
5.3 5.2 5.6 6.2 7.0
3.5 3.5 3.8 4.4 5.3
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-
30.00
60.00
90.00
120.00
150.00
180.00
2013 2014 2015 2016 Sep-17
BBL's Excess reserves over BOT requirement (Bn Baht)
BBL's Required Reserve by BOT (Bn Baht)
BBL's LLR/Loans (%)
System 's LLR/Loans (%)
Resilient Position Across Business Cycle
Loan loss reserves, LLR/Loan Billion Baht, Percentage
92.6 91.9
119.5 104.2
Sound loan asset quality reflects our conservative stance
Coverage ratio Percentage
System/1 BBL
135.8
/1
1. Operating Environment
2. Bangkok Bank’s Position
3. Our Key Focus & Strategy
4. Our Financial Results 3Q17
Bangkok Bank
16
Our Key Focus & Strategy
Go through transition period
together with customers
Short-term
Sustainable growth
Long-term
Leverage our scale and franchise
leadership
Tailor products and services to customer needs
Digital capabilities
Utilize our extensive network, long-term relationships and full range of products & services
Support customers to reach out to new markets
Offer total solutions with full suite of best-in-class financial solutions
Support customers in adapting to rapidly evolving sector dynamics
Continue to improve customer experience by further developing digital technology
Capture new trends and digital practices
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18
1. Operating Environment
2. Bangkok Bank’s Position
3. Our Key Focus & Strategy
4. Our Financial Results 3Q17
Bangkok Bank
1,753 1,782 1,869
1,941 1,978 1,939
2013 2014 2015 2016 Jun-17 Sep-17
90.6% 86.6% 89.4% 89.1% 86.1% 84.3%
2013 2014 2015 2016 Jun-17 Sep-17
Current & Saving Fixed LDR ratio
Overall Financial Position
19
NPL amount, NPL ratio Billion Baht, Percentage
Loans Billion Baht
Deposit Baht bn, Percentage of composition
CE Tier1, Capital Ratio Percentage
43.2 45.0 56.2 68.8
85.9 88.2
2.2 2.1 2.8 3.2 3.7 3.8
(1 0.00 )
(5 .00)
-
5.0 0
10.00
0
50
100
150
200
250
300
350
2013 2014 2015 2016 Jun-17 Sep-17
NPL Amount (Bn Baht) NPL Ratio (%)
-0.1% YTD -2.0% QoQ +1.9% YoY
+5.6% YTD +0.1% QoQ
14.7% 15.6% 16.2% 16.8% 16.9% 17.3%
2013 2014 2015 2016 Jun-17 Sep-17
CE Tier 1/Tier1 Tier2
17.2% 17.9% 18.3% 18.7% 18.7%
1,935 2,059 2,091 2,301
58%
42%
58%
42%
55%
45%
52%
48%
2,178
51%
49%
Note: For 2013 – Jun-17, the ratios include net profit and deducted dividend For Sep-17, the ratios include net profit for the third quarter of 2017
2,298
52%
48%
19.1%
+1.9% YTD
41.5% 44.5% 43.8%
47.7%
2013 2014 2015 2016
44.9% 45.8% 41.9%
3Q16 2Q17 3Q17
2.33% 2.32%
9M16 9M17
47.8% 42.8%
9M169M17
60% 59% 59%
3Q16 2Q17 3Q17
2.33% 2.31% 2.30%
3Q16 2Q17 3Q17
18.2 19.7
9M16 9M17
61% 59%
9M16 9M17
Net Interest Income Net Fee Income Other Income
61% 61% 56% 60%
2013 2014 2015 2016
2.36% 2.37%
2.16%
2.34%
2013 2014 2015 2016
20
Total Income and Operating Expenses
-3 bps YoY -1 bps QoQ
6.2 6.4 6.6
0
5
10
15
20
25
30
3Q16 2Q17 3Q17
+7.2% YoY +3.6% QoQ
40%
Income breakdown Baht bn, Percentage of composition
NIM Percentage
28.0 27.0 28.5
41% 41%
105.9 102.7 96.9 91.5
39% 44% 40% +18 bps YoY
Net fee income Baht bn
21.2 21.7 24.1 24.5
0
10
20
30
40
2013 2014 2015 2016
Cost-to-income ratio Percentage
+1.7% YoY
39% 78.5
83.7
39%
+8.0% YoY
+6.7% YoY +5.7% YoY +1.6% QoQ
+3.0% YoY
41%
8.1 8.0 8.2
4.9 5.7 6.3
12.1 12.8 11.9
3Q16 2Q17 3Q17
23.5 24.5
12.1 17.8
37.5 35.9
9M16 9M17
35.9 36.3 34.2 31.8
8.6 8.7 14.7 15.7
37.9 43.1 45.0
50.5
2013 2014 2015 2016
Overall Profitability
Profitability drivers Billion Baht
Note: /1 Owners of the Bank
21
Total Revenue
105.9 102.7 96.9
91.5
Operating expenses Provisioning expenses Tax Net profit/1
27.0 28.0 28.5
78.5 83.7
Appendix
- Financial Results
22
Loan Growth and Composition
Loan by Business Unit Percentage of composition
Dec-16
Loan by Industry Percentage of composition
21% Utilities & Services
11% Housing
15% Others
Agriculture & Mining 2%
26% Manufacturing
Real Estate &Construction
9%
16% Commercial
23
1,753 1,782 1,869
1,941 1,978 1,939
2013 2014 2015 2016 Jun-17 Sep-17
Loan Billion Baht
-0.1% YTD -2.0% QoQ +1.9% YoY +3.9% YTD
10% Business
14% Consumer
International 16% Corporate
40%
20% Commercial
Sep-17
9% Business
14% Consumer
21% Commercial
Dec-16
22% Utilities & Services
12% Housing
13% Others
Agriculture & Mining 2%
26% Manufacturing
Real Estate &Construction
10%
15% Commercial
Sep-17
International 16% Corporate
40%
+1.9% YTD
6.2 6.4 6.6
3Q162Q173Q17
18.2 19.7
9M169M17
16% 16% 16% 16%
25% 26% 25% 26%
25% 24% 23% 24%
9% 9% 8% 8%
12% 13% 15% 15%
13% 12% 13% 11%
2013 2014 2015 2016
15% 16% 15%
25% 24% 24%
23% 23% 23%
8% 8% 8%
16% 17% 18%
13% 12% 12%
3Q16 2Q17 3Q17
16% 16%
25% 24%
23% 23%
8% 8%
16% 17%
12% 12%
9M16 9M17
24
Fee income breakdown Percentage of composition
12.1 13.1
1H16 1H17
Net fee income Baht bn
+8.4% YoY
Fee Income
21.2 21.7 24.1 24.5
2013 2014 2015 2016
+1.7% YoY
Other Fees and Commissions
Bancassurance and Mutual Funds
Global market services
Transaction services
Credit Card business
Loan related fee
+7.2% YoY +3.6% QoQ
+8.0% YoY
Baht mn
Dec-13 Dec-14 Dec-15 Dec-16 Growth Sep-17 Growth
%YTD %QoQ %YTD
Loans/1 1,752,667 1,782,233 1,868,903 1,941,093 3.9% 1,938,619 -2.0% -0.1%
Deposits 1,935,272 2,058,779 2,090,965 2,178,141 4.2% 2,300,958 0.1% 5.6%
LDR 90.6% 86.6% 89.4% 89.1% -0.3% 84.3% -1.8% -4.8%
NPL 43,228 45,046 56,226 68,841 22.4% 88,231 2.7% 28.2%
NPL ratio 2.2% 2.1% 2.8% 3.2% 0.4% 3.8% 0.1% 0.6%
LLR to NPL 214% 204% 185% 174% -11% 154% 2.8% -19.6%
LLR to loans 5.3% 5.2% 5.6% 6.2% 0.6% 7.0% 0.4% 0.8%
Liquid assets/2 772,733 920,034 906,648 956,847 5.5% 1,109,192 7.2% 15.9%
Liquid asset to total assets 29.8% 33.3% 32.0% 32.5% 0.5% 36.1% 2.1% 3.6%
CET1/Tier 1 ratio/3 14.7% 15.6% 16.2% 16.8% 0.6% 17.3% 0.4% 0.5%
CAR/3 17.2% 17.9% 18.3% 18.7% 0.4% 19.1% 0.4% 0.4%
Financial Position
Note: /1 Loans = Loans to customers Less Deferred revenue /2 Liquid assets consist of cash, interbank and money market assets, claims on securities and trading & available-for-sale securities /3 For 2013-2016, the ratios include net profit and deducted dividend. For Sep-17, the ratios include net profit for the third quarter of 2017
25
Financial Performance – 3Q17
Note: /1 Attributable to the Bank
Baht mn
3Q16 2Q17 3Q17 Growth (%)
QoQ YoY
Net interest income 16,066 16,568 16,825 1.6% 4.7%
Net fee income 6,157 6,372 6,599 3.6% 7.2%
Non-interest income 10,887 11,472 11,651 1.6% 7.0%
Total income 26,953 28,040 28,476 1.6% 5.7%
Operating expenses 12,095 12,846 11,939 -7.1% -1.3%
Provisioning expenses 4,946 5,688 6,259 10.0% 26.5%
Net profit/1 8,061 8,047 8,161 1.4% 1.2%
EPS/1 (Baht per share) 4.22 4.22 4.28 1.4% 1.2%
NIM 2.33% 2.31% 2.30% -0.01% -0.03%
Net fee income ratio 22.8% 22.7% 23.2% 0.5% 0.4%
Cost to income ratio 44.9% 45.8% 41.9% -3.9% -2.9%
ROA/1 1.10% 1.07% 1.06% -0.01% -0.04%
ROE/1 8.67% 8.38% 8.33% -0.05% -0.34%
26
Financial Performance – 9M17
Note: /1 Attributable to the Bank
Baht mn
9M15 9M16 9M17 Growth (%)
YoY
Net interest income 41,893 47,695 49,670 4.1%
Net fee income 17,833 18,237 19,690 8.0%
Non-interest income 34,430 30,796 34,054 10.6%
Total income 76,323 78,491 83,724 6.7%
Operating expenses 32,904 37,536 35,858 -4.5%
Provisioning expenses 10,773 12,132 17,753 46.3%
Net profit/1 26,499 23,547 24,513 4.1%
EPS/1 (Baht per share) 13.88 12.34 12.84 4.1%
NIM 2.11% 2.33% 2.32% -0.01%
Net fee income ratio 23.4% 23.2% 23.5% 0.3%
Cost to income ratio 43.1% 47.8% 42.8% -5.0%
ROA/1 1.26% 1.09% 1.09% 0.00%
ROE/1 10.40% 8.55% 8.50% -0.05%
27
Financial Performance – Year
Note: /1 Attributable to the Bank
Baht mn
2013 2014 2015 2016 Growth (%)
YoY
Net interest income 55,879 58,997 57,510 63,998 11.3%
Net fee income 21,239 21,726 24,071 24,492 1.7%
Non-interest income 35,579 37,860 45,219 41,860 -7.4%
Total income 91,457 96,857 102,728 105,858 3.0%
Operating expenses 37,947 43,087 45,045 50,505 12.1%
Provisioning expenses 8,593 8,687 14,654 15,728 7.3%
Net profit/1 35,906 36,332 34,181 31,815 -6.9%
EPS/1 (Baht per share) 18.81 19.03 17.91 16.67 -6.9%
NIM 2.36% 2.37% 2.16% 2.34% 0.18%
Net fee income ratio 23.2% 22.4% 23.4% 23.1% -0.3%
Cost to income ratio 41.5% 44.5% 43.8% 47.7% 3.9%
ROA/1 1.45% 1.39% 1.21% 1.09% -0.12%
ROE/1 12.62% 11.66% 9.91% 8.59% -1.32%
28
Baht
0.75 0.75 1.00 1.00 1.00 1.00 1.50 2.00 2.00 2.00 2.00 2.00 2.00 2.00 1.00 1.25 1.75 2.00 2.00
3.00 3.50
4.00 4.50 4.50 4.50 4.50 4.50
0
10
20
30
40
50
0
2
4
6
8
10
12
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Interim (L) Final (L) Dividend payout ratio (R)
5.00
3.00 4.00
6.00 6.50 6.50
43.6%
3.00 2.75 2.00 1.75
Percent
6.50 6.50
Dividends and Payout Ratio
29
6.50
2014 2015 2016 3Q17
Branches/1
ATMs
CDMs
Employees
1,144
8,877
1,237
26,132
1,169
9,330
1,271
27,142
1,189
9,305
1,282
26,871
1,194
9,381
1,293
Note: Consolidated /1 Including domestic and international branches, excluding self-services outlets
+25
+453
+34
+1,010
+20
-25
+11
+5
+76
+11
-271
Networks
25,994 -877
30
Long-standing International Presence
Japan Branches: 2 Number of Years: 61
UK Branches: 1 Number of Years: 60
USA Branches: 1 Number of Years: 52
Laos Branches: 2 Number of Years: 24
Philippines Branches: 1 Number of Years: 22
Vietnam Branches: 2 Number of Years: 25
China/1
Branches: 6 Number of Years: 31
Myanmar
Branches: 1 Number of Years: 22
Malaysia/1
Branches: 5 Number of Years: 58
Singapore Branches: 1 Number of Years: 60 Indonesia
Branches: 3 Number of Years: 44
Taiwan Branches: 3 Number of Years: 52
Hong Kong Branches: 2 Number of Years: 63
Cayman Islands Branches: 1 Number of Years: 2
Cambodia Branches: 1 Number of Years: 2
Note: As at September 2017
/1 Wholly-owned subsidiaries
Source: Bangkok Bank filings
32 international locations
in 15 economies
31
Consolidated 2017 Financial Targets
Loan growth 4-6%
NPL ratio (gross) Slightly increase
Net interest margin (NIM) Maintain
Net fee income growth Up to mid single digit
Cost to income ratio Mid-40s
2017 Financial Targets
Note: The above financial targets are based on the Bank’s preliminary estimates that may change due to the operating environments and other unforeseen circumstances.
32
This presentation is made by Bangkok Bank and may not be copied, altered, offered, sold or otherwise distributed to any other person by any recipient without the consent of Bangkok Bank. Although all reasonable effort has been made to ensure the facts stated herein are accurate and that the opinions contained herein are fair and reasonable, this document is selective in nature and is intended to provide an introduction to, and overview of, the business of Bangkok Bank. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by Bangkok bank as being accurate. Neither Bangkok Bank nor any of its directors, officers, employees, and advisors nor any other person shall have any liability whatsoever for loss howsoever arising, directly or indirectly, from any use of this information. The facts and information contained herein are as up to date as is reasonably possible and may be subject to revision in the future. Neither Bangkok Bank nor any of its directors, officers, employees or advisors nor any other person makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this presentation. Neither Bangkok Bank nor any of its directors, officers, employees and advisors nor any other person shall have any liability whatsoever for loss howsoever arising, directly or indirectly, from any use of this presentation. This presentation may contain projections or other forward-looking statements related to Bangkok Bank that involve risks and uncertainties. Readers are cautioned that these statements are only projections and may differ materially from actual future results or events. All forward-looking statements are based on information available to Bangkok Bank on the date of its posting and Bangkok Bank assumes no obligation to update such statements unless otherwise required by applicable law. This presentation does not constitute an offer or invitation to subscribe for, or purchase, any shares of Bangkok Bank.
Contact: Investor Relations Team Tel (66) 2 626 4981 Fax (66) 2 231 4890 Email: [email protected] Bangkok Bank Website www.bangkokbank.com
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