KUALA LUMPUR – CIMB Thai Bank Public Company Ltd’s net profit for the third quarter ended Sept 30, 2021, jumped to 753.38 million baht (RM93.8 million) from 81.66 million baht recorded in the same period last year.
CIMB Thai is a 94.83% indirectly held subsidiary of CIMB Group Holdings Bhd.
Total operating income rose to 3.60 billion baht from 3.58 billion baht, said CIMB Group in a filing with Bursa Malaysia today.
CIMB Thai president and chief executive officer Paul Wong Chee Kin said for the nine months ended Sept 30, 2021, the bank recorded a consolidated net profit of 1.71 billion baht, an increase of 16.4% year-on-year (y-o-y) compared to the same period last year.
He said the improvement was mainly attributed to better cost control resulting in a 12.3% decline in operating expenses and a 6.0% decrease in expected credit losses, despite a 5.4% drop in operating income.
On a y-o-y basis, Wong said operating income declined by 620.3 million baht, or 5.4%, to 10.88 billion baht, attributed to the 9.4% drop in net interest income due to lower interest income on loans and hire purchase business from lower credit expansion.
“This was partially offset by the increase of 16.7% in net fee and service income, driven by higher fee income from insurance and mutual fund brokerage.
“Other operating income increased by 0.2% due to an increase in gains on financial instruments measured at fair value through profit or loss,” he said. – Bernama, October 21, 2021
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