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CIMB Thai posts Bt169 million net profit for 3M2018


CIMB Thai Group recorded a consolidated net profit of Bt168.9 million in the first three months of the year, an increase of Bt47.7 million (39.3 per cent) year-on-year compared to 3M2017.

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President and chief executive Kittiphun Anutarasoti credited the improvement mainly to 8.1-per-cent growth in operating income and a 4.5-per-cent drop in provisions, offset by a 10.6-per-cent rise in operating expenses.
Year on year, operating income rose by Bt252.3 million (8.1 per cent) to Bt3.38 billion from an increase of Bt132.9 million (5.4 per cent) in net interest income and Bt47.3 million (11.1 per cent) in net fee and service income arising from higher fees from insurance, hire-purchase and mutual funds. 
Other operating income rose by Bt72.1 million (30.1 per cent) from a gain on sales of available for sale securities.
Operating expenses increased by Bt186 million (10.6 per cent), mainly from higher expenses from properties for sale and personnel cost, partially offset by lower expenses from premises and equipment. 
This resulted in a higher cost to income ratio of 57.2 per cent in 3M2018 compared to 55.8 per cent in 3M2017.
The Net Interest Margin over earning assets stood at 3.98 per cent in 3M2018, compared to 3.77 per cent in 3M2017, from more efficient funding cost management.

Published : April 20, 2018

By : The Nation