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CIMB Thai 2Q net profit down 20%, net interest income up 22%

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CIMB Thai 2Q net profit down 20%, net interest income up 22% Empty CIMB Thai 2Q net profit down 20%, net interest income up 22%

Post by Cals Fri 18 Jul 2014, 01:07

CIMB Thai 2Q net profit down 20%, net interest income up 22%
Business & Markets 2014
Written by Sulhi Azman of theedgemalaysia.com   
Thursday, 17 July 2014 16:19

KUALA LUMPUR: CIMB Thai Bank Pcl, a 93.71%-owned subsidiary of CIMB Bank Bhd, saw its net profit for the second quarter ended June 30, 2014 (2QFY14) fell 20% to THB184.32 million (RM18.24million) from THB230.64 million a year ago.

Net interest income, however, grew 22% to THB1.92 billion from THB1.57 billion previously, said CIMB Thai President and CEO Subhak Siwaraksa in a statement to Bursa Malaysia today.

For the six months ended June 30, 2014 (1HFY14), CIMB Thai recorded a 15% increase in net profit to THB625.05 million from THB543.69 million.

Operating income for the first half year rose to THB5.13 billion on strong loan growth, corporate finance and advisory and securities issuing, trading and foreign exchange transactions.

Siwaraksa said the increase in income was mainly attributable to growth in other operating income (+58.8%), net interest income (+24.4%) and net fee and service income (+12.8%).

“Operating expenses grew at 18.7% whilst there was 85.6% year-on-year increase in provisions. The higher provisions are reflective of loan expansion and a more prudent impairment stance in light of possible negative changes in the economic environment,” he said in a statement.

The group’s consolidated operating income rose 27% to THB5.13 billion in 1HFY14 from THB4.04 billion previously.
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