The Islamic Bank of Thailand (IBank) reported a 1,553% increase in net profit last year compared with 2022.
The bank's non-performing finance (NPF) ratio slightly decreased to 18%, according to Thaweelap Rittapirom, director and president of IBank.
The bank successfully completed its business rehabilitation plan and exited the plan.
IBank reported on Monday the bank generated total revenue of 3.32 billion baht in 2023, up 12% from 2022, and managed to reduce its operational expenses by 15% year-on-year.
However, the bank's financial expenses increased by 63% based on significant adjustments in financial markets.
The bank set aside provisions for bad debts and doubtful debts to mitigate credit risk and comply with financial reporting standards under TFRS9.
IBank also established provisions according to debt tiers and set aside access reserves above the minimum requirement, said Mr Thaweelap.
IBank reported a net profit of 248 million baht in 2023, rising 1,553% from 2022.
The bank managed to reduce its NPFs from 21% of the portfolio in 2022 to roughly 18% in 2023, he said.
Mr Thaweelap said the bank started offering mobile banking services last year, the first in Thailand complying with sharia principles, integrated into the Pao Tang app.
This made banking more convenient and accessible for Muslim customers, he said.
In addition to striving to develop products and services to maximise customer satisfaction, the bank also emphasises good corporate governance and operates with a commitment to social and environmental responsibility, said Mr Thaweelap.
The goal is to become a sustainable financial institution that provides sharia-compliant services, he said.
IBank collaborated with the Export-Import Bank of Thailand and various partners to promote and support halal product exporters, including providing knowledge and assistance in obtaining halal certification and enhancing the potential of Thai halal entrepreneurs to compete in the global market, said Mr Thaweelap.