Bangkok, CIMB Thai Bank announced 1Q/2024 net profit of 626.1 million baht, a decrease of 24.6% from the same period last year. Loans were 248.3 billion baht, an increase of 1.4%. Deposits were 316.9 billion baht, an increase of 2.1%. Total capital funds to risk-weighted assets were 20.8%. Tier 1 capital was at 15.5%.
Paul Wong Chee Kin, President and Chief Executive Officer of CIMB Thai Bank, revealed that the banking group’s operating results for the three-month period ending March 31, 2024 had a net profit of 626.1 million baht, a decrease of 204 million baht or 24.6 percent compared to net profit for the same period in 2023, profit before income tax amounted to 790.2 million baht, a decrease of 247.9 million baht or 23.9 percent, mainly due to a decrease in operating income. 8.4 each and an increase in operating expenses of 11.8 percent, net of expected credit losses of 36.9 percent.
When comparing operating results for the three-month periods ending March 31, 2024 and 2023, operating income in 2024 am
ounted to 3,506.1 million baht, a decrease from the same period in 2023 in the amount of 322.7 million baht or 8.4 percent. The decrease is as follows. This was a result of a decrease in net interest income of 28.8 million baht or 1.2 percent due to an increase in interest expenses on deposits. Net fees and service income decreased by 26.2 million baht or 8 percent due to an increase in fees and service expenses. Other income decreased by 267.7 million baht or 23.1 percent, mainly due to a decrease in net profits from investments and net profits from sales of non-performing loans.
Operating expenses for the three-month period of 2024 compared to the same period of 2023 increased by 231.7 million baht or 11.8 percent, mainly due to an increase in allowance for impairment of foreclosed properties and tax expenses. duty This makes the ratio of operating expenses to operating income for the 3-month period of 2024 at 62.5 percent, increased compared to the same period of 2023 at 51.2 percent.
The ratio of net in
terest income to average assets (Net Interest Margin-NIM) for the 3-month period of 2024 was at 2.2 percent, decreasing from the same period in 2023 at 2.6 percent as a result of increased deposit costs.
March 31, 2024 Loans, net of deferred income (Including loans guaranteed by other banks and loans to financial institutions) of the banking group stood at 248.3 billion baht, an increase of 1.4 percent compared to loans as of December 31, 2023. The banking group had deposits. (Including bills of exchange, bonds and certain types of financial products) amounting to 316.9 billion baht, an increase of 2.1 percent from the end of 2023 which amounted to 310.4 billion baht. The bank group’s Modified Loan to Deposit Ratio decreased to 78.4 percent from 78.9 percent as of December 31, 2023
Non-performing loans (NPLs) stood at 8.4 billion baht. The ratio of non-performing loans to total loans was 3.4 percent, an increase compared to 3.3 percent as of December 31, 2023. This was due to retail loans. However, the grou
p The Bank has a strict credit risk management policy. Effective risk management measures Including improving the guidelines for debt collection from existing non-performing loans. and continuously solving the problem of non-performing loans.
The ratio of allowance for doubtful accounts to non-performing loans as of March 31, 2024 was 121.3 percent, down from 124.2 percent at the end of 2023. The group’s allowance for expected credit losses. The Bank is at 9.6 billion baht, which is 1.5 billion baht in excess reserves according to the Bank of Thailand criteria.
Total capital funds of the banking group as of the end of March 31, 2024 amounted to 59.7 billion baht, representing a total capital adequacy to risk-weighted assets ratio of 20.8 percent, with a Tier 1 capital ratio of 15.5 percent.
Source: Thai News Agency