CIMBT Reports a Surprising 115% Growth for 6-Month Earnings, Booking Nearly ฿1.4Bn

CIMB Thai Bank Public Company Limited (CIMBT) has announced its 2Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

CIMBT reported a net profit of 306 million baht in 2Q20, increased 52.44% from a net profit of 200 million baht in 2Q19. The increase of profit in 2Q20 buoyed its 6-month earnings to nearly 1,400 million baht or up by 115%

CIMBT stated that for the first half of 2020, the increase of profit was mainly due to a 10.5% growth in operating income from gains on financial instruments and a 6.6% drop in expected credit losses.

CIMBT’s NPL stood at THB 13.9 billion, translating to an impaired loan ratio of 5.8% compared to 4.7% as at December 31, 2019. Meanwhile, total allowance for expected credit losses stood at THB 11 billion, translating to a THB 2.6 billion excess over the Bank of Thailand’s reserve requirement.