CIMB Thai Bank Public Company Limited (SET: CIMBT) has announced its 2Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 2Q24 | 2Q23 |
| Net Profit (Loss)
Million Baht |
668.46 | 538.75 |
| Earning Per Share
(Baht) |
0.0200 | 0.0200 |
| % Change | 24.08 | |
| 6 Months | 2023 | 2022 |
| Net Profit (Loss)
Million Baht |
1,294.57 | 1,368.88 |
| Earning Per Share (Baht) | 0.0400 | 0.0400 |
| % Change | -5.43 | |
CIMBT reported a net profit in 2Q24 of THB 668.46 million, an increase of 24.08% YoY compared to THB 538.75 million in 2Q23. The increase was mainly due to an increase in gains on financial instruments and gains on investment in the quarter.
Meanwhile, for the six months ended 30 June 2024, CIMB Thai Group recorded a consolidated net profit of THB 1,294.6 million, a YoY decrease of THB 74.3 million or 5.4%. Profit before tax (PBT) decreased by THB 117.2 million or 6.8% YoY to THB 1,611 million. This was mainly from a 1.7% decline in operating income and 7.7% increase in operating expenses, partially offset by a 22.7% decline in expected credit loss (ECL).
On a YoY basis, CIMB Thai Group’s consolidated operating income decreased by THB 118.4 million or 1.7% from 2023 to THB 7,038.3 million from lower net fee and service income of THB 28.3 million or 4.3% due to higher fee and service expenses, and a THB 139.7 million or 2.9% decline in net interest income as interest expenses growth exceeded interest income growth.
Other operating income rose by THB 49.6 million or 3.1%, largely from net gains on financial instruments measured at fair value through profit or loss, partially offset by lower gains on sale of non-performing loans.
Operating expenses rose by THB 312 million or 7.7%, mainly from higher impairment loss on properties for sale and taxes and duties, partially offset by lower employee expenses. This resulted in a higher cost to income ratio of 62.0% in 6M2024 compared to 56.6% in 6M2023.
The gross NPL stood at THB 7.5 billion, with a lower equivalent gross NPL ratio of 2.9% compared to 3.3% as at 31 December 2023. The lower NPL ratio was mainly attributed to the sale of some NPLs in 2024, improved efficiency on risk management policies and improved asset quality management and loan collection processes.
CIMB Thai Group’s loan loss coverage ratio as at 30 June 2024 stood at 129.1% compared to 124.2% at the end of December 2023. Total allowance for expected credit losses stood at THB 9.1 billion, THB 1.5 billion over the Bank of Thailand’s reserve requirements.
