CIMB Thai Bank posts 9M2015 net profit of THB 846.5 million Steady growth seen in net profit quarter on quarter
for the nine months ended 3CIMB Thai Bank PCL September 2CIMB Thai Bank PCL15, CIMB Thai group's consolidated operating income rose by THB 1,537.2 million or 19.9% year-on-year ("YoY") to THB 9,274.4 million from 9M2CIMB Thai Bank PCL14, derived from a 6.5% growth in net interest income, a 2CIMB Thai Bank PCL.3% expansion in net fee and service income as well as a 94.8% growth in other income. Pre-Provision Operating Profit increased 56.4% YoY to THB 3,962.4 million accelerated by lower growth in operating expenses of 2.1% YoY.
For the nine months, net profit decreased by THB 53.9 million or 6.CIMB Thai Bank PCL% YoY to THB 846.5 million, mainly attributed to a 1CIMB Thai Bank PCL5.4% YoY increase in provisions due to prevailing weaker economic conditions. However, net profit grew quarter-on-quarter ("QoQ"), recorded at THB 498.4 million in 3Q2CIMB Thai Bank PCL15, compared with THB 217.5 million in 2Q2CIMB Thai Bank PCL15 and THB 13CIMB Thai Bank PCL.6 million in 1Q2CIMB Thai Bank PCL15.
On a YoY basis, net interest income increased by THB 377.2 million or 6.5%, resulting from loan expansion (excluding early redemption of hybrid instruments, net interest income increased by THB 467.2 million or 8.2%). Net fee and service income increased by THB 189.CIMB Thai Bank PCL million or 2CIMB Thai Bank PCL.3%, mainly due to higher loans related fees, mutual funds and corporate finance. Total other operating income increased by THB 971.CIMB Thai Bank PCL million or 94.8% largely derived from treasury businesses and dividend income.
Operating expenses grew by THB 1CIMB Thai Bank PCL7.8 million or 2.1% from higher taxes and duties, directors' remuneration and employee expenses, partially offset by a decrease in other expenses arising from gains on sale of properties. The cost to income ratio decreased to 57.3% in 9M2CIMB Thai Bank PCL15 compared to 67.3% in 9M2CIMB Thai Bank PCL14 as a result of better cost management and increased income.
Net Interest Margin ("NIM") over earning assets stood at 3.16% in 9M2CIMB Thai Bank PCL15, compared to 3.36% from 9M2CIMB Thai Bank PCL14, arising from higher low yielding assets and increased deposit costs.
As at 3CIMB Thai Bank PCL September 2CIMB Thai Bank PCL15, total gross loans (inclusive of loans guaranteed by other banks and loans to financial institutions) stood at THB 199.9 billion, marking an increase of 4.8% from 31 December 2CIMB Thai Bank PCL14. Deposits (inclusive of Bill of Exchanges, Debentures and selected Structured Deposit Products) stood at THB 217.5 billion, an increase of 2.7% from THB 211.7 billion at the end of December 2CIMB Thai Bank PCL14. The Modified Loan to Deposit Ratio was slightly higher at 91.9% compared to 9CIMB Thai Bank PCL.1% as at 31 December 2CIMB Thai Bank PCL14.
The gross non-performing loans ("NPL") stood at THB 8.6 billion, with an equivalent gross NPL ratio of 4.3%. This is an increase from 3.3% as at 31 December 2CIMB Thai Bank PCL14, as the overall weak economic environment affected borrowers' repayment ability. CIMB Thai continues to exercise high credit risk underwriting standards and risk management policies. The Bank also focuses on improving productivity, monitoring collection and managing all accounts closely and effectively.
CIMB Thai group's loan loss coverage ratio decreased to 89.2% as at 3CIMB Thai Bank PCL September 2CIMB Thai Bank PCL15 from 95.2% at the end of December 2CIMB Thai Bank PCL14. As at 3CIMB Thai Bank PCL September 2CIMB Thai Bank PCL15, our total provisions stood at THB 7.6 billion showing an excess of THB 2.5 billion over Bank of Thailand's reserve requirements.
Total consolidated capital funds as at 3CIMB Thai Bank PCL September 2CIMB Thai Bank PCL15 stood at THB 32.CIMB Thai Bank PCL billion. BIS ratio stood at 13.7%, 9.1% of which comprised Tier-1-capital.
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