CIMB Thai Bank Public Company Limited (SET: CIMBT) has announced its 1Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Year | 1Q23 | 1Q22 |
| Net Profit (Loss) Million Baht |
830.13 | 1,061.04 |
| Earning Per Share (Baht) |
0.0200 | 0.0300 |
| % Change | -21.76 | |
CIMBT reported a net profit of THB 830 million in 1Q23, decreased 21.8% YoY, due to higher operating expenses coupled with a 128% increase in expected credit loss (ECL). The increase in ECL was in line with the prudent approach from the prevailing economic circumstances.
On a yearly basis, net interest income increased by THB 35 million or 15%, mainly driven by loan expansion.
Meanwhile, operating expenses increased by THB 171 million or 9.6%, mainly due to higher impairment loss on properties for sale.
The gross non-performing loans (NPL) stood at THB 7.6 billion, with a lower gross NPL ratio of 3.1% from 3.3% as at 31 December 2022.
Total allowance for expected credit losses stood at THB 8.6 billion, which was THB 1.5 billion over the Bank of Thailand’s reserve requirement.
