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KUALA LUMPUR, Jan 21 -- CIMB Group Holdings Bhd’s 94.83 per cent indirectly held subsidiary, CIMB Thai Bank Public Co Ltd saw net profit soar to 2.44 billion Thai baht in the financial year ended Dec 31, 2021 (FY2021), an 89.1 per cent increase or 1.15 billion baht (100 baht = RM12.66) up compared to FY2020.
The stellar improvement was mainly attributed to better cost controls resulting in an 8.1 per cent decline in operating expenses and a 25.7 per cent decrease in expected credit losses, despite a 3.9 per cent drop in operating income.
President and chief executive officer Paul Wong Chee Kin said CIMB Thai’s operating income declined by 579.7 million baht to 14.35 billion baht from the drop in net interest income of 988.5 million baht due to the lower interest income on loans, as well as a decline in hire purchase business from the lower credit expansion.
This was partially offset by the increase of 337.6 million baht in net fee and service income driven by higher fee income from insurance and mutual fund brokerage, he said in a statement.
For the year ended Dec 31, operating expenses decreased by 723.3 million baht largely due to better optimisation of cost management and this consequently improved the cost to income ratio to 57 per cent in 2021 compared to 59.6 per cent in 2020.
Meanwhile, net interest margin over earning assets stood at 3.1 per cent in 2021, compared to 3.2 per cent in 2020, arising from lower interest income on loans and the hire purchase business.
Wong said gross non-performing loans (NPLs) stood at 7.9 billion baht, with a lower equivalent gross NPL ratio of 3.7 per cent compared to 4.6 per cent as of Dec 31, 2020.
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