Mitihoon – CIMB THAI records net profit of THB 1,890.2 million for 9M2024
- Net profit: THB 1,890.2 million (+8.9% YoY)
- Operating income: THB 10,785.5 million (+4.5% YoY)
- Net fee and service income: Rose by THB 63.4 million (+6.8% YoY)
- Other operating income: Grew by THB 506.7 million (+24.9% YoY)
- NPL ratio: Decreased to 2.5% from 3.3% (as at December 31, 2023)
CIMB Thai Bank PCL (CIMB Thai) today announced its unreviewed consolidated financial results for the nine months ended 30 September 2024. CIMB Thai recorded a consolidated net profit of THB 1,890.2 million, an increase of 8.9% year-on-year (“YoY”) or THB 153.9 million compared to 9M2023. This growth was primarily driven by a 4.5% growth in operating income and a 5.7% decrease in expected credit losses, partially offset by a 6.5% increase in operating expenses.
On a YoY basis, operating income grew by 4.5% or THB 463.5 million to THB 10,785.5 million attributed to the 6.8% increase in net fee and service income by THB 63.4 million, largely from higher fee income from goods and services payment and fund transfer and collection. Other operating income rose by 24.9% or THB 506.7 million, driven by higher net gains on financial instruments measured at fair value through profit or loss. This was partially offset by lower gains from the sale of non-performing loans and gains on investment. Additionally, net interest income declined marginally by 1.5% or THB 106.7 million. Meanwhile, operating expenses increased by 6.5% or THB 407.1 million due to higher impairment loss on properties for sale, while lower personnel expenses helped to mitigate some of the impact. This resulted in a higher cost to income ratio of 61.7% in 9M2024 compared to 60.6% in 9M2023. Net interest margin (NIM) over earning assets stood at 2.3% in 9M2024, compared to 2.6% in 9M2023, as due to higher cost of funds. As at 30 September 2024, total gross loans (including loans guaranteed by other banks and loans to financial institutions) stood at THB 251.5 billion, an increase of 2.7% from 31 December 2023. Deposits (inclusive of bills of exchange, debentures and selected structured deposit products) stood at THB 283.7 billion, a decrease of 8.6% from THB 310.4 billion as at end of December 2023. The modified loan to deposit ratio was higher at 88.7%, compared to 78.9% as at 31 December 2023.
Gross non-performing loans (“NPL”) stood at THB 6.4 billion, with a lower equivalent gross NPL ratio of 2.5% compared to 3.3% as at 31 December 2023. The lower NPL ratio was mainly attributed to the sale of several NPLs in 2024, improvement in risk and asset quality management, as well as loan collection processes.
CIMB Thai’s loan loss coverage ratio as at 30 September 2024 stood at 138.8% compared to 124.2% as at the end of December 2023. Total allowance for expected credit losses stood at THB 8.6 billion, THB 1.5 billion over the Bank of Thailand’s reserve requirements. Total consolidated capital funds as at 30 September 2024 stood at THB 57.2 billion. The BIS ratio stood at 19.5%, of which 15.8% comprised Tier 1 capital.
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