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Update CIMB Thai 1Q net profit rises 41% y-o-y to 441m baht

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Update CIMB Thai 1Q net profit rises 41% y-o-y to 441m baht Empty Update CIMB Thai 1Q net profit rises 41% y-o-y to 441m baht

Post by Cals Fri 18 Apr 2014, 21:09

Update CIMB Thai 1Q net profit rises 41% y-o-y to 441m baht
Business & Markets 2014
Written by Chong Jin Hun of theedgemalaysia.com   
Friday, 18 April 2014 13:48

KUALA LUMPUR (Apr 18): CIMB Group Holdings Bhd's Thailand unit CIMB Thai Bank PCL's net profit rose 41% to 440.7 million baht (RM44 million) in the first quarter ended March 31, 2014. This compares to 313.1 million baht a year earlier.
In a statement to Bursa Malaysia today, CIMB Group said CIMB Thai's interest income climbed to 3.35 billion baht from 2.8 billion baht.
Fee and services income was higher at 1.86 billion baht versus 1.46 billion baht. Bad debts and impairment losses increased to 469.6 million baht from 213.3 million baht.
In a separate statement, CIMB Thai president and chief executive officer Subhak Siwaraksa said "the increase in income was mainly attributed to a growth in other income, net interest income and net fee and service income of 106.0%, 27.1%, and 23.1% respectively. Operating expenses grew at 21.4% whilst there was a 120.2% YoY increase in provisions."
"The higher provisions are reflective of a more prudent impairment stance in light of possible negative changes in the economic environment. The provisions were THB 2.6 billion in excess of the Bank of Thailand’s reserve requirements," he said.
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