CIMB Thai Net Profit Rises 92.4 Pct In Q1

KUALA LUMPUR, April 18 (Bernama) -- CIMB Thai Bank PCL's net profit for the first quarter ended March 31, 2019 (Q1 ) rose 92.4 per cent year-on-year (y-o-y) by 156.1 million baht (1 baht=RM0.13) to 325.0 million baht (1 baht=RM0.13). Acting president and chief executive officer Omar Siddiq said this was mainly attributed to a 3.4 per cent growth in operating income and a 17.4 per cent drop in provisions, partially offset by a 8.2 per cent increase in operating expenses. Operating expenses increased by 157.7 million baht, mainly from higher personnel cost and premises, and equipment expenses in line with the bank’s Fast Forward expansion strategy. “This resulted in a higher cost to income ratio of 59.8 per cent in Q1 2019 compared with 57.2 per cent in Q1 2018,” it said. The bank’s gross non-performing loans (NPL) stood at 10 billion baht, unchanged from Dec 31, 2018, with with a stable gross NPL ratio of 4.3 per cent. CIMB Thai Group’s loan loss coverage ratio increased to 109.5 per cent as at March 31, 2019 from 107 per cent at the end-December 2018. Omar Siddiq said CIMB Thai would continue to exercise high credit risk underwriting standards and risk management policies. “The bank also focuses on improving productivity and monitoring collection,” he added. -- BERNAMA