Higher Provision amid Economic Uncertainty Drops CIMBT’s 2020 Earnings by 36%
CIMBT Reports 36% Lower in 2020 Earnings due to High Provision over Economic Uncertainty.
CIMBT Reports 36% Lower in 2020 Earnings due to High Provision over Economic Uncertainty.
21 ม.ค. 2564

CIMB Thai Bank Public Company Limited (CIMBT) has reported its yearly consolidated financial statement of 2020 through the Stock Exchange of Thailand as follows;

In 2020, CIMBT booked a net profit of 1,290 million baht, decreased 36.04% compared to a net profit of 2,017 million baht in 2019. The decrease was mainly due to a higher provision, reflected by the elevated provision for economic uncertainty and potential credit migration from customers affected by the Covid-19 pandemic.
 
CIMBT recorded an operating income in 2020 at 14,927 million baht, increased 167.6 million baht or 1.1% YoY. The increase was mainly due to a 153.6% growth in other income, while net interest income declined by 5.6%. Net dfee and service income declined by 39.9%.
 
The gross non-performing loans (NPL) stood at 10.5 billion baht at the end of 2020, translating to an impaired loan ratio of 4.6%, compared to 4.7% as of December 31, 2019. The lower NPL ratio was mainly due to the sale of some NPLs in 2020. Meanwhile, the loan loss coverage ratio stood at 93.3%.
 