CIMB Thai Bank Public Company Limited (SET: CIMBT) has announced its 2023 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 2023 | 2022 |
| Net Profit (Loss) Million Baht |
1,605.27 | 2,910.80 |
| Earning Per Share (Baht) |
0.0500 | 0.0800 |
| % Change | -44.85 | |
CIMBT reported a net profit of THB 1,605 million baht in 2023, decreased 44.85% from a net profit of THB 2,910 million in 2022. The decrease was mainly due to an increase in operating expenses that exceeded operating income, coupled with a 48.5% increase in expected credit loss (ECL). The bank noted that higher ECL was in line with its prudent approach in view of the prevailing economic environment.
While other income rose 10.5%, net interest income rose by 1.7%, but net fee and service income dropped by 17.9%, which contributed to only 1.3% YoY growth in operating income to THB13,771 million.
For the year, net interest margin over earnings assets stood at 2.6% in 2023, compared to 2.7% in 2022 due to higher cost of funds.
The gross non-performing loans stood at THB 8.2 billion with a flat gross NPL ratio of 3.3% compared to 2022.
