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Bangkok Bank receives “Bank of the Year 2020” and Mr. Chartsiri Sophonpanich wins “Financier of the Year 2019” awards from Money & Banking magazine
September 18, 2020
Bangkok Bank received two top awards from Money & Banking Awards 2020 organized by Money & Banking Magazine — “Bank of the Year 2020” and “Financier of the Year 2019” for Mr. Chartsiri Sophonpanich. This is the second time that Bangkok Bank has won both these awards in the same year – the first time was in 2001.
Bangkok Bank Director and Executive Vice President Thaweelap Rittapirom said that it was a great honor for the bank to receive two awards from Money & Banking Awards 2020, comprising “Bank of the Year 2020” and “Financier of the Year 2019” for Mr. Chartsiri Sophonpanich. This is the second time that Bangkok Bank has won both these awards in the same year – the first time was in 2001.
It is the 14th time that the Bank has won the Bank of the Year award since it was first announced in 1985. The Bank’s net profit in 2019 was the third highest among Thai commercial banks at 35.8 billion baht, up 1.4% from the year before, representing the highest net profit of 18.76 baht per share and the highest book value per share of 225.36 baht. In addition to its high profitability, Bangkok Bank was recognized for its prudent and steady approach in allocating reserves for doubtful accounts. The Bank’s allowance of doubtful accounts was the highest among the banks at 8.14% which strengthens its reserves and maintains its Capital Adequacy Ratio at a prudent level. The Bank’s Tier 1 capital adequacy ratio (BIS) was 17.01%, the third highest level among Thai commercial banks. Meanwhile, the Bank still aims to support customers to be strong, competitive, and ready for challenges, especially during the COVID-19 situation. At the same time, the Bank places great emphasis on creating new products and services, developing modern technology to increase the efficiency of its business, and forming partnerships to meet the ever-changing needs of its customers. One of the Bank’s most important milestones in 2020 was the acquisition of Permata Bank, the 12th largest commercial bank in Indonesia by total assets with more than 300 branches in 62 cities across the country.
For the “Financier of the Year 2019” award, the judging panel resolved to give it to Bangkok Bank President Chartsiri Sophonpanich. This is the second time that he has won this award – the first time was in 2001. The qualifications for Financier of the Year award cover four criteria – being a visionary and modern professional financier; being honest to the profession; creating sustainable growth for the organization; and being responsible to society and doing good for the public. The judging panel unanimously agreed that given the global economic slowdown and the digital disruption to the banking business, Bangkok Bank, under the leadership of Chartsiri Sophonpanich, has been able to stand strong amid the turmoil. He combines qualities of strength and resilience with the ability to see opportunities to serve the new generation. Meanwhile, he supports the existing base, including both corporate and consumer banking customers, by working closely with partners to continuously develop financial innovations for the organization’s sustainable growth.
“It's the honor and pleasure of the bank’s Board of Directors, executives and employees who have played an important role in the Bank’s success to receive the awards from Money & Banking magazine – a leading and trusted investment finance magazine which is considered the most read economic journal in Thailand. The Bank is committed to using its knowledge and expertise as well as advanced technology to support customers, shareholders, communities, and society as “a trusted partner and reliable close friend” to provide financial stability. In particular, the Bank aims to help customers and communities get through current and future challenges with the vision of being the Bank that provides quality financial services to meet customer needs with efficient personnel and modern technology as a leading bank in Asia,” said Mr. Thaweelap.