CIMB Thai 1H net profit at RM123.24mil on higher provisions

CIMB Thai's net profit decreased by 431.10mil or 31.1% year-on-year (YoY) to 954.80mil baht, mainly from the 19.1% YoY increase in expected credit losses.

KUALA LUMPUR: CIMB Thai Bank PCL reported lower net profit of 954.80mil baht (RM123.24mil) in the first half ended June 30, 2021 due to higher provisions set aside due to the Covid-19 pandemic.

Its net profit decreased by 431.10mil or 31.1% year-on-year (YoY) to 954.80mil baht, mainly from the 19.1% YoY increase in expected credit losses, reflected by the elevated provisions from economic uncertainty and credit migration from customers affected by the pandemic.