Government Savings Bank, TRIS Rating Announces AAA Credit Status

Thursday, 01 December 2022

Mr revealed Withai Rattanakorn, President of the Government Savings Bank, that TRIS Rating, a reliable credit rating agency, GSB has confirmed its corporate credit rating at AAA for the seventh consecutive year (starting from 2016-2022) with a “stable” forecast, which’ n reflect the bank’s legal status. Specialist Financial Institutions (SFIs) have the highest degree of government involvement and play the “most important” role in implementing government policy, and are the only specialist financial institutions where the government guarantees its financial obligations. The Government Savings Bank Act 1946, which still plays the most important role in supporting government policies. developing the country’s economy sustainably through funding for low income people small and medium businesses as well as the mission of promoting savings and creating financial discipline for the public

TRIS Rating sees that the Government Savings Bank’s role in supporting government policies has become increasingly important during the COVID-19 pandemic. It is a channel for financial assistance from the government. for small and medium business groups Large industrial sectors are affected through a low interest loan program A project to help rehabilitate entrepreneurs Including various relief measures such as debt moratorium measures and debt restructuring, etc. Until October 2022, the Bank has been helping those affected by the COVID-19 situation. and many low-income earners Through various measures and projects, a total of 47 projects managed to help up to 13 million people, giving a total of 6.8 million loans, totaling 2.35 trillion baht.

The Government Savings Bank is the largest specialist financial institution, which the Bank of Thailand (BOT) considers a systemically important bank. It has a credit market share of 9.4% of all commercial banking and SFIs in Thailand. It also has the highest share of net profit directed to the government among all Specialized Financial Institutions. The net profit in 2021 accounted for 52.2% of the total net profit of the Specialist Financial Institutions, which had the largest customer base of 23 million at the end of September 2022, divided into low income and grassroots groups in the proportion of 60%. TRIS Rating expects Government Savings Bank will continue to maintain its strong market position in the retail banking business.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.