CIMB Thai’s FY21 net profit up 89% to 2.4bil baht

PETALING JAYA: CIMB Thai Bank PCL posted a net profit of 2.4 billion baht (THB) for the financial year ended Dec 31, 2021 (FY21), an increase of 89.1% year-on-year (YoY), compared to 2020.

In a statement, president and chief executive officer Paul Wong Chee Kin said the improvement was mainly attributed to better cost controls resulting in an 8.1% decline in operating expenses and a 25.7% decrease in expected credit losses, despite a 3.9% drop in operating income.