BAM expects operating results to grow as targeted and prepares for celebrating its 20th anniversary

          BAM revealed its operating results of the first eight months of 2018, stating the total cash income of 10,137 million baht, and expected to reach its targeted 16,436 million baht of cash income for the entire year. Within the period, the company has also made purchase of NPLs and NPAs from financial institutions worth 8,383.72 million baht. It is also making preparations to host a big event for its 20th anniversary which will be held on November 20, 2018 at The Athenee Hotel in which 7 lucky draw prizes will be given to debt restructuring customers, those who have purchased NPAs, and members of BAM social media and 10 iPhone will be given to participants of the event.

          Mr. Somporn Moonsrikaew, the President of Bangkok Commercial Asset Management Public Company Limited unveiled the company’s operating results in the first eight months of 2018, stating that BAM recorded satisfactory overall operating results with income from debt restructuring and sales of properties of 10,137 million baht, representing 92.52 percent of the company’s eight-month target of 10,957 million baht, and a net profit of 2,755.43 million baht. BAM expected to reach its target operating results of 16,436 million baht and a net profit of 4,200 million baht.

          Regarding previous operations, BAM has increased asset size by acquisition and transfer of NPLs and NPAs worth 8,383.72 million baht from financial institutions or 100.83 percent of the target of 8,315 million baht. Since the beginning of operations, NPLs purchased include 189,078 accounts as of July 2018 with outstanding principal amounting to 669,055 million baht, and 101,620 accounts of debtors have already been settled through debt restructuring, representing outstanding principal of 226,710 million baht. This indicates that BAM currently has 87,458 NPLs accounts with outstanding principal of 442,345 million baht. Also, there are 17,069 items of NPAs which amounts to 45,328 million baht under management.

          With regard to recent operating results related to debt restructuring projects, there were 2,338 debt restructuring customers or 78 percent of the annual target of 3,000 customers as BAM has been organizing special campaigns for the celebration of its 20^th anniversary in order to support BAM’s debt restructuring customers. These projects include “Sook Jai Dai Baan Kuen Project” (Happy Reclaiming Housing Collateral), SME Business Restoration Project, and a project to help farmers with debt settlement. These projects aim at helping retail and medium-sized customers who have been through debt restructuring process with BAM. In addition, regarding NPAs management, BAM has been able to sell properties from different projects including a project titled “Condo Don Jai, Sabai Krapao from BAM” (Satisfactory, Pocket-friendly Condominium Units), “Baan Suan Sook Jai by BAM Project” (Garden Home for Happiness), Land For Savings Project, Ban Sabai Project (Comfortable Home), SME / SML Properties Project, and Properties With Special Offers Project, worth 3,980 million baht altogether.

          In addition, regarding operational direction for the second half of the year, BAM will continue supporting NPL customers through projects such as “Sook Jai Dai Baan Kuen” (Happy Reclaiming Housing Collateral), SME Business Restoration Project, and a project to help farmers with debt settlement. BAM will also use marketing strategies to fully support digital marketing such as reserving to purchase or sale of properties online as well as offering new ways of presenting properties by filming with drones or using 360° cameras for virtual tours which enable online users to feel as if they are visiting properties in person. The company also allows customers to make payments via QR Code with the EDC (Electronic Data Capture) machines at its headquarters.

          The President of Bam also added that as the company is moving towards its 20^th year of operations, it is now making preparations for an event to celebrate, to thank its customers as well as to give back to the society on November 20, 2018, from 5 pm to 10 pm at The Athenee Hotel. At the event, the 20 year-long history of BAM, along with activities related to donations to hospitals and various foundations, will be showcased. Participants will also be able to meet famous celebrities and enjoy a talk show by a well-known speaker as well as other performances.

          At the same time, lucky draw prizes will be given to debt restructuring customers or NPL customers. For individuals who have purchased NPAs, they will be eligible to get a chance to buy a house, a plot of land, or a condominium unit from BAM for only 1 baht each. For the latter, a total of 6 awards for 6 lucky individuals will be given. Regarding the requirements, NPL customers must be any individuals and / or have the ability to perform juristic acts. Also, a receiving order must not have been made against the individuals, and they must have never declared bankruptcy and must have signed a debt restructuring agreement by themselves since January 1, 2017 to October 31, 2018. In addition, the individuals must demonstrate that they pay installments constantly and that they have not broken any conditions set by BAM.

          As for eligible NPA customers, they must be transferees, who have received proprietary right, of all types of BAM properties acquired throughout the country in 2017 and must be transferees, who have received proprietary right, of all types of BAM properties acquired throughout the country, regarding which the purchase and sale agreement must have been signed and the deposit must be made by November 15, 2018, along with transfer of proprietary right completed by December 28, 2018.

          For the general public who have applied for membership of BAM’s four social media platforms including BAM Mobile Application, @bamline, BAM STATION on YOUTUBE, and FB of BAM and have also registered for participation in the event during September 1 - November 15, 2018, they will be eligible to be the winner who gets to buy a condominium unit from BAM for 1 baht. For others who will register for participation at the event on November 20, 2018, they will get an opportunity to win 10 prizes which are iPhone X (64GB) from BAM, one prize per participant.