Mrs Sasithorn Pongsathorn, the Managing Director of Land and House Retail Bank Public Company Limited or LH Bank, said it decided to open its 2nd branch on the island, at Tesco Lotus department Store due to the good trends in the economy on the island. The 1st LH Bank in Phuket opened in 2008, located on Thepkrasatri Road. Sasitihorn added that there was a possibility to open a 3rd branch here because Phuket had high business potential.
In the first six months of this year, Phuket customers took over 1,000 million baht in housing loans from LH Bank. It was a good sign for the fairly new bank. Sasithorn expected that there would be over 2,000 million baht of housing loans taken by the end of this year.
She further explained that most of the bank’s customers were for medium and big property projects in Phuket. The bank was planning to provide more loans for the customers who were in the hospitality and tourism business as well.
In addition, she revealed that the bank was continuously growing. The figure recorded on June 30th 2010 showed that the bank earned 190 million baht of net profit in the first half of the year. The bank also had assets worth 54,448 million baht. She estimated that, by the end of this year, the bank’s assets would be increased to 60,000 -65,000 million baht.