BANGKOK: CIMB Thai Bank Plc recorded a consolidated net profit of 960.6 million baht (RM97.85 million) for the nine months ended September 30, down 18.8 per cent, or 221.6 million baht, from the same period last year.
The decrease was mainly due to the absence of the shared gains from Thai Asset Management Corporation (TAMC) of 1,344.4 million baht recorded in the first nine months of 2012, said Subhak Siwaraksa, president and chief executive officer of CIMB Thai Bank, in a statement issued by CIMB Group yesterday.
Excluding the one-off gain from TAMC, the gain on sale of a subsidiary and legal claims paid in the nine months of last year and a gain from payback from a liquidated subsidiary in the nine months of this year, the CIMB Thai group would have recorded consolidated net profit growth of 29.1 per cent year-on-year (YoY) for the first nine months of 2013, he said.
On a YoY basis, consolidated operating income for the CIMB Thai group fell by 56.8 million baht, or 0.9 per cent, from first nine months of 2012 to 6,383.4 million baht. Excluding extraordinary items, operating income rose by 1,115.9 million baht or 21.6 per cent.
Other operating income also decreased by 1,280.2 million baht, or 61.1 per cent, due to the absence of the one-off income.
Meanwhile, net interest income (NII) and net fee and service income expanded strongly with NII increasing by 949.0 million baht or 25.2 per cent YoY, largely underlined by loan expansion.
Net fee and service income increased by 274.4 million baht or 47.7 per cent.
Operating expenses grew by 485.2 million baht, up 12.2 per cent mainly from employee expenses and other operating expenses.
The cost-to-income ratio was 69.8 per cent in the first nine months this year compared with 61.7 per cent in same period in 2012, due to the absence of income from the one-offs.
Net interest margin over interest earning assets stood at 3.20 per cent in the first nine months this year against 3.21 per cent in the same period in 2012, despite intense competition in the deposit market.
As at September 30, CIMB Thai's total gross loans stood at 162.8 billion baht, marking a 17.2 per cent increase from end-December 2012. The loan growth was underlined by retail portfolio expansion.
In addition, deposits and bill of exchanges stood at 155.6 billion baht, an increase of 6.4 per cent from 146.2 billion baht at end-December 2012. Bernama