TMB Books ฿5.6bln. Showing 3Q Profits Soars beyond 1H18

TMB Bank Public Company Limited (TMB) has announced its 3Q18 consolidated financial statement through the Stock Exchange of Thailand as follows:

TMB’s net profit in 3Q18 was 5,594 million baht or increased by 176.1% QoQ and 179.2% YoY. For the 9-month period, net profit was recorded at 9,900 million baht also rose by 54.0% YoY when compared to the same period last year.

 

The bank recorded 6,133 million baht of net interest income (NII) in 3Q18, a marginal increase of 0.5% when compared to the previous quarter (QoQ) but a decrease of 1.0% from the same period last year (YoY).

Meanwhile, TMB posted 14,482 million baht of non-interest income in 3Q18, an increase of 368.1% from last quarter (QoQ) and 354.9% from the 3rd quarter last year (YoY).

Net fees and service income was reported at 2,114 million baht which decreased by 14.1% QoQ and 24.3% YoY. The decline in QoQ was due to lower fee in mutual fund and bancassurance sales.

Other non-interest income increased from the gain on TMBAM deal, which consists of gain on sale of 65% TMBAM stake of 7.6 billion baht and gain on change in control from subsidiary to 35% associated company of 4.2 billion baht.

 

As of 30 September 2018, non‐performing loans (NPLs) on consolidated basis was reported at 20,950 million baht which increased from 17,691 million baht as of June 2018 and 17,521 million baht as of December 2017. Such rise was mainly due to qualitative NPL classification for prudent management and slow natural resolution in this quarter.

TMB and its subsidiaries reported the allowance for doubtful accounts and revaluation allowance for debt restructuring of 32,782 million baht, which increased by 32.2% QoQ and 31.3% YTD respectively where TMB set aside additional provision as a cushion for prudent qualitative loan downgrade and in preparation for IFRS 9 implementation.