KBank pleased with progress of its assistance measures for COVID-19 hit customers

          KASIKORNBANK (KBank) has been determined to assist its customers afflicted by the COVID-19 crisis. To date, the Bank has provided financial support through suspension of both principal and interest payment to 650,000 retail and business customers with outstanding loans of 828,000 million Baht, while 94,000 other clients have been offered credit lifelines amounting to 156,000 million Baht to bolster their liquidity during the crisis. Moreover, KBank has implemented “Generous (Business) Owners – Empathetic Creditor” and “Zero Interest-rate Loan to Retain SME Staff” – two programs which have so far provided 1,144 million Baht to affected SME operators, thus preventing 49,000 employees from losing their jobs. KBank has expedited continual aid to its customers after the relaxation of lockdown measures.

          Mr. Patchara Samalapa, KBank Executive Vice President, said that KBank has assisted its customers during the COVID-19 crisis through debt moratoriums for 650,000 retail and business customers with outstanding loan of 828,000 million Baht, and through extension of 156,000 million Baht in new loans to 94,000 clients in order to boost their liquidity. Compared to the same period of last year, total loan grew 30 percent. KBank has resolved to provide further aid to cash-strapped customers, to ensure that they can withstand the crisis until conditions improve.
         In addition to the financial supports that are in accordance with state policies, KBank has also launched two special projects: 1) the “Generous (Business) Owners – Empathetic Creditor” initiative with the intention of assisting employees in the business sector through a budget of 1.5 billion Baht; wherein KBank has lowered interest rates for businesses, allowing them to keep their employees on the payroll; and 2) the “Zero Interest-rate Loan to Retain SME Staff” initiative, which provides interest-free loans with a 10-year loan term to small business operators. These businesses are also eligible for a 1-year grace period on interest and principal repayment, ensuring that their employees continue to receive salaries. Both projects have been positively received and are in accordance with KBank’s goals. To date, new loans of 1,144 million Baht have been offered to affected SMEs, saving up to 49,000 jobs. The success of these projects has even prompted acts of
         kindness from certain proprietors who have refused KBank’s assistance, as they see themselves as being able to navigate this crisis on their own, and understand that these loans cannot be given to every business, so they want KBank to help other businesses that are enduring greater hardships.
         Since early this year, KBank’s total deposits have increased by 13 percent. This shows that a number of customers will have sufficient funds to service their debt after the suspension of their principal and interest payment runs its course. KBank has aided its SME customers through the use of data analysis to uncover their greatest needs, in order to determine the most suitable course of action. Interested customers can contact KBank, which is always willing to support them in both good times and times of crisis.
         Mr. Patchara noted that in spite of the difficult times at present, customers have maintained financial discipline and have continued to repay their debts. KBank would like to thank all of our customers for their collaborative efforts, and we are certain that we will be able to get through this crisis together.