CIMB Thai three-month net profit up 211%

“We are pleased to have made considerable progress on our overall performance despite the uncertain recovery surrounding the Covid-19 pandemic, driven by our cost discipline and improved asset quality, and we also saw positive growth momentum in the first quarter of 2022,” said CIMB Thai Bank PCL president and CEO Paul Wong Chee Kin (pic)

KUALA LUMPUR: CIMB Thai Group’s net profit for the three months ended March 31, surged 210.9% year-on-year (y-o-y) to 1.06 billion baht (RM134.44mil) on the back of better cost controls.

During the quarter under review, operating expenses decreased 14% on the back of better cost management, while the cost-to-income ratio improved to 51.4% compared with 59.3% in the year-ago quarter.