KUALA LUMPUR: CIMB Thai Bank PCL posted net profit of 829 million baht (RM83.19 million) in the financial year ended Dec 31, 2010 underpinned by higher net interest income, gain from derivatives trading and lower loan loss provision.
CIMB Thai, a 93.15% subsidiary of CIMB Bank Bhd said on Friday, Jan 21 that total income increased by 8% or 522.8 million baht from 6.3 billion baht to 6.8 billion baht.
'The higher income was attributed to both the improvement in net interest income and non-interest income,' said its chief executive officer Subhak Siwaraksa.
He said the consolidated net profit of 829 million baht was a notable improvement of 827 million baht from a net profit of only 2 million baht in 2009.
As for net interest income, the improvement of 213.2 million baht, or 5% in 2010 was due to loan expansion as well as lower interest expenses. In addition, loan loss provisioning was lowered by 367.7 million baht, or 31%.
On non-interest income, the increase of 309.6 million bath, or 19% was mainly due to the gain from derivatives trading, arising from the redemption of the structured deposits in the second quarter of 2010, one-off gains from the disposal of the Sathorn building and three subsidiaries as well as the divestment of minority interests in Worldclass Rent a Car Co., Ltd.
It had divested in the three subsidiaries -- BT Asset Management Co. Ltd, BT Insurance Co. Ltd, and Sathorn Asset Management Co. Ltd (STAMC).
''
Net interest margin (NIM) over earning assets improved to 4.1% from 3.3%, supported by rightsizing the deposit book and improved management of deposit costs.
Subhak said the 2010 results mark CIMB Thai's continued growth momentum and reflected its underlined strengths, both from the on-going business transformation and greater synergy with its parent, the CIMB Group.
'Our strategic undertaking of diversifying our loan portfolio as well as our revenue base, while remaining very effective in managing the cost of funds, has propelled CIMB Thai to double digit growth in loans and deposits, and record high financial results.
'As for the asset quality, CIMB Thai's prudent risk management practices coupled with our strategic intent and undertaking to separate the good bank from the bad bank have enabled us to close 2010 with an NPL ratio of 3.1% ' a marked progress from 14.9% at the end of 2009," he said.
CIMB Thai, a 93.15% subsidiary of CIMB Bank Bhd said on Friday, Jan 21 that total income increased by 8% or 522.8 million baht from 6.3 billion baht to 6.8 billion baht.
'The higher income was attributed to both the improvement in net interest income and non-interest income,' said its chief executive officer Subhak Siwaraksa.
He said the consolidated net profit of 829 million baht was a notable improvement of 827 million baht from a net profit of only 2 million baht in 2009.
As for net interest income, the improvement of 213.2 million baht, or 5% in 2010 was due to loan expansion as well as lower interest expenses. In addition, loan loss provisioning was lowered by 367.7 million baht, or 31%.
On non-interest income, the increase of 309.6 million bath, or 19% was mainly due to the gain from derivatives trading, arising from the redemption of the structured deposits in the second quarter of 2010, one-off gains from the disposal of the Sathorn building and three subsidiaries as well as the divestment of minority interests in Worldclass Rent a Car Co., Ltd.
It had divested in the three subsidiaries -- BT Asset Management Co. Ltd, BT Insurance Co. Ltd, and Sathorn Asset Management Co. Ltd (STAMC).
''
Net interest margin (NIM) over earning assets improved to 4.1% from 3.3%, supported by rightsizing the deposit book and improved management of deposit costs.
Subhak said the 2010 results mark CIMB Thai's continued growth momentum and reflected its underlined strengths, both from the on-going business transformation and greater synergy with its parent, the CIMB Group.
'Our strategic undertaking of diversifying our loan portfolio as well as our revenue base, while remaining very effective in managing the cost of funds, has propelled CIMB Thai to double digit growth in loans and deposits, and record high financial results.
'As for the asset quality, CIMB Thai's prudent risk management practices coupled with our strategic intent and undertaking to separate the good bank from the bad bank have enabled us to close 2010 with an NPL ratio of 3.1% ' a marked progress from 14.9% at the end of 2009," he said.
No comments:
Post a Comment