RETAIL BANKING | Cesar Tordesillas, Thailand

CIMB Thai net profit up 66%

CIMB Thai recorded a 66 percent increase in net profit with 1.4 billion baht for the nine months of this year.

The figure is 565.1 million baht more than its net profit from third quarter of last year.

"This was mainly due to the shared gains from Thai Asset Management Corp and a gain on sale of investment in a CIMB Thai bank's subsidiary," said President and CEO of CIMB Thai, Subhak Siwaraksa, based on unaudited consolidated financial results for the nine months ended Sept 30, 2012.

He said on a year-on-year basis, consolidated income for CIMB Thai Group increased by 1.7 billion baht, or 38.1 percent, from third quarter of last year to 6.4 billion baht.

In a statement, he said, the higher operating income was mainly due to higher net interest income, net fee and service income, gains on trading and foreign exchange transactions and other operating income.

Net interest income, increased year-on-year increase by 7.1 percent to 249.8 million baht, largely due to loan expansion.

Net fee and service income increased by 25.5 percent to 116.8 million baht, mainly due to the increase in corporate finance and mutual fund fees.

He added that there was an increase of 1.4 billion baht in non-interest and fee income, which amounted to a year-on-year increase of 205.4 percent.

This was largely arose from the shared gains from TAMC and gain on sale of investment in a CIMB Thai bank's subsidiary, he said.

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