TMB's earnings up despite economic slowdown
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TMB Bank witnessed a meagre 2 per cent growth in lending and 5 per cent growth in operating profit in the first half of this year as the Thai economy experienced a slow recovery pace.
In the filing to the Stock Exchange of Thailand, TMB said its net profit in the first half increased by 9 per cent from the same period last year to Bt4.24 billion. This is despite the fact that it set aside Bt3.875 billion as loan loss provisions, an increase by 4 per cent from last year, to maintain the loan loss coverage ratio at 143 per cent.
Boontuck Wungcharoen, CEO of TMB, attributed the financial improvement to the bank's revamped process which allowed the bank to offer better loan products and answer customers’ needs.
