While bank lending overall has fallen steadily over the past few years, the factoring business has posted annual growth of at least 20 percent since the 1997 crisis, according to Puntrika Baingem, the managing director of Thai Farmers Heller Facto
Developing non-bank financial institutions is crucial for stable economic growth in the future, according to Prasarn Trairatvorakul, the secretary-general of the Securities and Exchange Commission of Thailand.
The Thai Securities and Exchange Commission yesterday praised 15 companies for providing management discussion and analysis (MD&A) to investors as a positive step toward good corporate governance. Siam General Factoring Co., Ltd.
Siam General Factoring, one of the 10 members of the Thai Factors Association and a leading player in the Thai market, has reported an audited first-quarter net profit of 7.7m bt. This is down 22% from the previous year.
The Small Industry Finance Corp, a state-agency set up specifically to help small and medium-sized enterprises has announced that following a loss of 47m bath in 2000, SIFC has recorded a profit in 2001.
As the country slowly winds its way out of the protracted recession, small-and medium-sized enterprises (SMEs), the backbone of the economy, are still struggling to obtain financing.
The Small Industry Finance Corporation (SIFC) is stepping up its efforts to lend 30bn baht this year, despite slipping below target in the first two months.
A new fund tailored to put the zest back into tourism has been established with two billion baht.
Quick business-loan approvals are being offered by the Small Industry Finance Corporation, which promises to make a decision within 72 hours of receiving an application.
Siam General Factoring reported a net profit of 9.4m bt for Q3, which compares with a net loss of 25m bt for Q3 2000. Net profit for the nine months ended 30 September 2001 was 23.4m bt, which compares with a net loss of 260.7m bt for 9M 2000.
