CIMB Thai posts H1 net profit of RM123mil

CIMB Thai Bank president and CEO Paul Wong Chee Kin (pic) said consolidated operating income decreased by 8.1% y-o-y to 7.28 billion baht (RM939.6mil)

KUALA LUMPUR: CIMB Thai Bank PCL reported lower net profit of 954.80 million baht (RM123.24mil) in the first half (H1)ended June 30, 2021 due to higher provisions set aside due to the Covid-19 pandemic.

Its net profit decreased by RM431.10mil or 31.1% year-on-year (y-o-y) to 954.80 million baht (RM123.2mil), mainly from the 19.1% y-o-y increase in expected credit losses, reflected by the elevated provisions from economic uncertainty and credit migration from customers affected by the pandemic.