Mr. Shih, Jiing-Fuh, President of LH Financial Group Public Company Limited or LHFG and CEO and President of Land and Houses Bank Public Company Limited or LH Bank said “The overall Thai economy in 2024 is projected to expand mildly by approximately 2.8%. Key drivers include growing domestic consumption based recovering tourism stimulated by various government measures as well as steadily growing personal income. In addition, the country’s net export will resume growth momentum as the global supply-chains inventory adjustment seem to come to an end and more FDIs will be attracted to Thailand given its pro-business government policies and very good infrastructure as global supply-chain concentration de-risking continues. This mild economic growth generally provides a favorable environment for commercial banks as a whole to grow. However, there exist several risk factors, including high interest rates in major economies and lingering geopolitical problems, such as the Russian-Ukrainian war, Israel-Hamas conflict and sluggish Chinese economy. These factors cast some uncertainties to the Thai economic recovery and particularly Thai equity market in the coming year.”

        Land and Houses Financial Business Group had a net profit of Baht 2,096 million or 32.8 percent growth in 2023 compared to 2022 and LH Bank reported the net profit of Baht 1,693 million during the same period with 54.9 percent year over year, mainly due to an increase in net interest income as a result of continuous bank loan growth, particularly strong in retail home loans, and NIM improvement. In the meantime, LH Bank continued to control NPL at a healthy level of 2.65 percent and NPL Coverage stood at a comfortable level of over 200 percent.

        LH Bank continued to execute its strategic plan effectively in growing home loans to total loans and acquiring retail depositors through new digital channels, including LHB You and Profita applications that are user-friendly and with rich functions. The bank won The Best App for Customer Experience : Global Retail Banking Innovation Award 2023 and Best Mobile Banking – Wealth Management 2023. In addition, the bank collaborated with leading partners to provide privileged green loans to customers, and invested in green bonds, where the bank received ESG 100 Certificate and SET ESG Rating at “BBB”.

        As for 2024, the bank will continue its strategic direction and drive growth through the rapid expansion of customer base in both retail and SMEs via digital channels, business partners as well as re-designed operating model and processes with sector-focused approach. The main actions include:

        - Focus on growing the loan portfolio that generates good returns through effective management of cost of fund and expansion of the SME customer base in target industries by launching a lending & package solution program tailored-made for each sector together with lean process for faster approval and responding to the needs of customers effectively coupled with product improvement, enhancement of knowledge for staff, financial advisory and business services for SMEs to support their sustainable growth; expanding home loans and refinance loan with the target of 20 percent growth; and improving wealth products, deposit products, investment products and insurance products tailored made for every segment of customers.

        - Enhancing the level of financial services through the digital platform, improving LHB You and Profita applications to fully meet all financial and investment needs, along with upgrading security standards as to build confidence in online transactions

        - Emphasizing the sustainable banking in order to strive to be a sustainable organization, focusing on reducing greenhouse gas (GHG) emissions from the banking business itself and that of customers who received credit support from the bank (Financed Emission), green loans and transition loans, responsible lending and ESG information disclosure according to international standards.

        Mr. Monrat Phadungsit, president of Land and Houses Fund Management Company Limited or LH Fund said “In 2024, the company's strategy focuses on boosting fund performance in Thai and international equity funds suitable for the risk appetite with the goal of diversifying the customer base. Furthermore, the company is committed to managing mutual funds to be in the top quartiles and offering fund information that is appropriate and in line with rapidly changing market conditions as well as developing integrated services for private fund clients. For provident funds, the company aims to expand its customer base and provide knowledge for members of provident fund, real estate fund and REITs. The company targets to grow funds and investments in new assets as well as creating innovations that are environmentally friendly and expanding the REIT Trustee.

        For fund performance in 2023, the company's fund size under management including real estate mutual funds and real estate investment trusts (REITs), was worth approximately Baht 61,112 million, an increase of 10 percent from 2022. The growth was from capital increase in REITs and was still likely to grow. Private fund had the fund size of Baht 14,245 million with 0.1 percent growth. Provident fund (PVD) had the fund size of Baht 7,047 million with 16.6 percent expansion.

        In addition, the company also proves its success with the "Outstanding Asset Management Company Awards" for 2 consecutive years from SET AWARDS 2022-2023.”

        “In the past year, the market fluctuated throughout the year with a pressure from the ongoing “Russia-Ukraine” war, Israeli-Hamas conflict and lower-than-expected Thai economy while the US interest rates continued to rise to 5.5 percent until a 3 percent gap between US and Thai interest rates, causing a large outflow from the Thai stock market. As a result, the Thai stock market underperform the global market. SET index closed at 1,415.85 points, down 15.1 percent, with selling pressure from foreign investors as the main stressor with net sales of Baht 192 billion accounting for as high as 51 percent of the total trading volume. The average daily trading value of securities in 2023 was Baht 53,331 million, 31 percent down from the previous year” said Mr. Kant Athatamsunthorn, president of Land and Houses Securities Public Company Limited or LH Securities.

        In 2023, the company enhanced its service efficiency by developing technological capabilities to allow retail investors to have thorough access to the company's products and services through digital channels. In 2023, the company had income of Baht 541.35 million, a decrease of 12.6 percent compared to 2022, in line with the decrease in trading volume of the Stock Exchange of Thailand.

        Strategy for 2024: The company focuses on increasing the efficiency in both technology systems and investment advisory services with the aim to grow through digital platforms and increasing number of new customers as well as increasing more engagement of existing customers and new business penetration in order to respond to customer needs and provide comprehensive services.