TMB Reports Lower Revenue and Higher Cost, Causing 3Q19 Profit to Plunge 62%

TMB Bank Public Company Limited (TMB) has announced its 3Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

After provision and tax, net profit in 3Q19 was THB2,111 million which grew by 10.1% QoQ but decreased by 62.3% YoY. For the 9-month period, net profit was recorded at THB5,607 million, dropped by 43.4% when compared to the same period last year.

TMB posted THB4,490 million of non-interest income in 3Q19, an increase of 76.2% from last quarter (QoQ) but a decrease of 69.0% from the 3rd quarter last year (YoY) while recorded THB5,131 million of total non-interest expenses, an increase of 21.9% QoQ and 22.2% YoY.

In the third quarter of 2019, TMB set aside THB2,893 million of provision. In this quarter, NPLs dropped to THB20,302 million and NPL ratio reduced to 2.52% while coverage ratio maintained at 140%. This reflected TMB’s prudent operation and NPL management.