Post by account_disabled on Feb 25, 2024 5:21:25 GMT
CIMB Thai Bank announces net profit for 2020 of 1,290.6 million baht. Operating income was 14,927.1 million baht, an increase of 167.6 million baht. Operating profit before deducting doubtful debts increased 12.0 percent to 6,027.8 million baht. Net profit in 2020 amounted to 1,290.6 million baht, a decrease of 727.2 million baht from an increase in doubtful debt reserves. Provisions are higher due to economic uncertainty and the possibility that customer credit quality will be affected by COVID-19. Mr. Sutee Lowsophonkul, Acting President and Chief Executive Officer of CIMB Thai Bank Public Company Limited, revealed that the bank's operating results and subsidiaries that have not yet been audited for the year ending December 31, 2020, the main points are summarized as follows: Financial statements for the year ending December 31, 2019 that are used for comparison.
The Bank Group has retrospectively adjusted its financial British Student Phone Number List statements regarding the accounting method for recognizing effective interest income in accordance with Thai Financial Reporting Standards No. 9. Bank Group Performance For the year ended December 31, 2020, operating income was 14,927.1 million baht, an increase of 167.6 million baht or 1.1 percent compared to the same period in 2019. The main cause was an increase in other income of 153.6 percent in Meanwhile, net interest income decreased by 5.6 percent and net fees and service income decreased by 39.9 percent. Operating profit before deducting doubtful debts increased by 12.0 percent to 6,027.8 million baht due to an increase in income. increased by 1.1 percent, while operating expenses decreased by 5.1 percent.
However, net profit decreased by 727.2 million baht or 36 percent to 1,290.6 million baht when compared to the same year, the main reason being the doubtful debt reserve. Losses increased 60 percent, reflecting higher provisions due to economic uncertainty and the possibility that customer credit quality would be affected by the COVID-19 outbreak. Among these, the Bank takes into account the forward-looking credit loss (ECL) valuation model and provisions to deal with deteriorating macroeconomic trends through the management overlay process under TFRS 9. Operating income For the year ended December 31, 2020, the amount was 14,927.1 million baht, an increase of 167.6 million baht or 1.1 percent compared to the same period in 2019 due to an increase in other operating income of 1,654.8 million baht or 153.6 percent.
The Bank Group has retrospectively adjusted its financial British Student Phone Number List statements regarding the accounting method for recognizing effective interest income in accordance with Thai Financial Reporting Standards No. 9. Bank Group Performance For the year ended December 31, 2020, operating income was 14,927.1 million baht, an increase of 167.6 million baht or 1.1 percent compared to the same period in 2019. The main cause was an increase in other income of 153.6 percent in Meanwhile, net interest income decreased by 5.6 percent and net fees and service income decreased by 39.9 percent. Operating profit before deducting doubtful debts increased by 12.0 percent to 6,027.8 million baht due to an increase in income. increased by 1.1 percent, while operating expenses decreased by 5.1 percent.
However, net profit decreased by 727.2 million baht or 36 percent to 1,290.6 million baht when compared to the same year, the main reason being the doubtful debt reserve. Losses increased 60 percent, reflecting higher provisions due to economic uncertainty and the possibility that customer credit quality would be affected by the COVID-19 outbreak. Among these, the Bank takes into account the forward-looking credit loss (ECL) valuation model and provisions to deal with deteriorating macroeconomic trends through the management overlay process under TFRS 9. Operating income For the year ended December 31, 2020, the amount was 14,927.1 million baht, an increase of 167.6 million baht or 1.1 percent compared to the same period in 2019 due to an increase in other operating income of 1,654.8 million baht or 153.6 percent.