CIMBT’s 1Q20 Profit Jumps 144% to ฿1.07Bn as Operating Income Grows and ECL Drops

CIMB Thai Bank Public Company Limited (CIMBT) has reported its 1Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

CIMBT reported a net profit in the first quarter of 2020 at 1,079 million baht, increased 144% when compared to a net profit of 442 million baht in the first quarter of 2019. The increase was mainly due to a 16.8% growth in operating income and a 38.8% drop in expected credit losses, partially offset by a 20.5% increase in operating expenses.

Operating income rose by 611.1 million baht or 16.8% YoY to 4,241 million baht mainly due to an increase in gains on financial instruments measured at fair value through profit or loss of 548 million baht and gains on investment of 103 million baht.

The NPL stood at 13.5 billion baht, translating to an impaired loan ratio of 5.3%, compared to 4.6% as at 31 December 2019.