TTB Records 18% Decline of Profit in 2Q with Lower Income and Higher Provision
TTB reported a 18% decline in 2Q21 earnings due to a decline in income and an increase in provision.
TMBThanachart Bank Public Company Limited (TTB) has announced its 2Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;
TTB reported a net profit of 2,534 million baht in 2Q21, decreased 18.12% from a net profit of 3,094 million baht in 2Q20.
TTB recorded 12,782 million baht of net interest income (NII) in 2Q21, 2.0% decreased from the same period last year. In 2Q21, NIM increased by 10 bps from 2.88% compared to the same period last year as well-managed funding cost lessened the impact of low rate environment and lower yield on earning assets.
Meanwhile, TTB posted 3,118 million baht of non-interest income in 2Q21, which dropped by 11.5% from the same period last year. The decline was mainly from lowernet fees and service income.
In 2Q21, cost to income ratio was reported at 46%, improving from 47% in 2Q20 with the strong cost discipline, cost-savings helped maintain level of C/I ratio even with the pressure on the income side.
TTB stated that the bank was prudent and set a provision of 5,491 million baht, increased 10.4% from the same period last year, while NPL remained within the target at 2.89%.