CIMBT Shows a Skyrocket Profit to Increase 216-Fold, Booking ฿1.5bn in 2019!
CIMBT reported a net profit of THB 1,501 million, increased 216-fold when compared to a net profit of THB 6.90 million in 2018.
CIMB Thai Bank Public Company Limited (CIMBT) has reported its yearly consolidated financial statement of 2019 through the Stock Exchange of Thailand as follows;
CIMBT reported a net profit of THB 1,501 million, increased 216-fold when compared to a net profit of THB 6.90 million in 2018. The increase was mainly attributed to a 48.7% decline in provisions resulting from remedial actions to improve the assets quality and a 3.5% growth in operating income, partially offset by a 14.1% increase in operating expenses.
On a YoY basis, CIMBT’s operating income increased by THB 472.5 million or 3.5% to THB 14.2 billion from higher net interest income of THB 160 or 1.5%. Net fee and service income increased by THB 362.3 million or 20% due to higher fees from insurance and debt capital markets.
The gross non-performing loans (NPL) stood at THB 11.3 billion, with an equivalent gross NPL ratio of 4.6% from 4.3% as at December 31, 2018.
