CIMB Thai Bank Public Company Limited (CIMBT) has reported its 2Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:
In the second quarter of 2019, CIMBT recorded a net profit of THB 105 million, decreased 45% from the same period of last year at THB 191 million mainly due to higher fees and service expenses, including an amendment bill to the Labour Protection Law which required higher compensation for retired employees while net fees and service income decreased.
However, for the six months period, CIMBT recorded a net profit of THB 430 million, increased THB 70 million or 19.4% YoY, compared to 6M18. The improvement was mainly attributed to a 1.2% growth in operating income and a 31% decline in provisions, partially offset by a 16.9% increase in operating expenses.
The gross non-performing loans (NPL) stood at THB 10.7 billion, with an equivalent gross NPL ratio of 4.5% from 4.3% at the end of December 2018, rose from the slower repayment ability from a few corporate and retail accounts.