CIMB Thai Bank’s net profit up 210.9% to 1.06 billion baht | Money

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KUALA LUMPUR, April 21 ― CIMB Group Holdings Bhd’s indirectly owned subsidiary, CIMB Thai Bank PCL, reported a consolidated net profit of 1.06 billion baht (RM134,481,699), an increase of 719.7 million baht or 210.9% year-on-year in the first three months ended March 31, 2022 compared to the same period a year ago.

CIMB Group owns 94.83% of CIMB Thai Bank.

CIMB Thai Bank President and CEO Paul Wong Chee Kin said the improvement was mainly attributed to better cost control with a 14.0% drop in operating expenses and a 64% decrease. .0% of expected credit losses, despite a marginal decline of 0.8%. in operating income.

“As of March 31, 2022, total gross lending (including loans guaranteed by other banks and loans to financial institutions) stood at 215.0 billion baht, an increase of 1.5% from as of December 31, 2021,” he said in a statement today. .

Deposits (including bills of exchange, debentures and certain structured deposit products) amounted to 252.5 billion baht, up 5.4% from 239.5 billion baht at the end of December 2021 .

Gross non-performing loans (NPL) amounted to 8.4 billion baht, with a higher gross NPL ratio of 3.8% compared to 3.7% as of December 31, 2021 due to the sale of NPL in 2021.

“CIMB Thai continues to apply high credit risk underwriting standards and risk management policies. The Bank will also continue to focus on improving productivity, monitoring collection, and closely and efficiently managing all accounts,” Wong said.

CIMB Thai Group’s loan loss coverage ratio was 112.0% as of March 31, 2022, compared to 117.5% as of December 31, 2021.

“The bank is pleased to have made significant progress on its overall performance despite the uncertain recovery surrounding the Covid-19 pandemic, driven by CIMB Thai’s cost discipline and improving asset quality,” said the bank. he added. ― Bernama

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