CIMB Thai 2022 earnings jump 24% on better cost control

CIMB Thai’s president and CEO Paul Wong Chee Kin noted the improvement in earnings was mainly owing to better cost control and a significant 39.4% decrease in expected credit losses due to a lower impairment of assets.

KUALA LUMPUR: CIMB Group Holdings Bhd’s Thai business, CIMB Thai Bank PCL, posted a net profit of 3.03 billion baht (RM395mil) in the financial year ended Dec 31, 2022, which represented a 24.3% year-on-year (y-o-y) rise.

CIMB Thai’s president and CEO Paul Wong Chee Kin, in a statement, noted the improvement in earnings was mainly owing to better cost control and a significant 39.4% decrease in expected credit losses due to a lower impairment of assets.