CIMB Thai Bank Public Company Limited (SET: CIMBT) has announced its 2024 consolidated financial statement through the Stock Exchange of Thailand as follows:
| 2024 | 2023 | |
| Net Profit (Loss) Million Baht |
2,852.12 | 1,605.27 |
| Earning Per Share (Baht) |
0.0800 | 0.0500 |
| % Change | 77.67 | |
CIMBT reported a net profit of THB 2,852 million in 2024, an increase of THB 1,246 million or 77.7% YoY from 2023. This was mainly due to a 9.7% growth in operating income and a 13.7% decrease in expected credit losses. Meanwhile, operating expenses increased 2.6% for the year.
Operating income grew by THB 1,331 million or 9.7% to THB 15,102 million in 2024, attributed by other operating income growth by 49.4% from higher net gains on financial instruments measured at fair value through profit or loss, bad debt recovery and gains on investment. This was partially offset by lower gains on sale of non-performing loans.
Net fee and service income increased by THB 237 million or 19.9%, largely due to higher fee income from goods and services payment and fund transfer and collection.
As of 31 December 2024, total gross loans stood at THB 251 billion, an increase of 2.6% from a year prior.
The gross NPL stood at THB 6.7 billion, with a lower equivalent gross NPL ratio of 2.6% compared to 3.3% in 2023. The lower NPL ratio was mainly due to the sale of NPLs in 2024, efficiency on risk management policies and improved asset quality management and loan collection processes.
Additionally, the loan loss coverage ratio as of 31 December 2024 was 137.9%, compared to 124.2% in 2023.
