CIMB Thai's FY23 net profit down 44.9% to 1.61billion baht

KUALA LUMPUR: CIMB Thai Bank PCL’s net profit fell to 1.61 billion baht, a decrease of 44.9 per cent year-on-year (y-o-y) for financial results for the year ended Dec 31, 2023 (FY2023) due to operating expenses growth exceeding operating income growth, coupled with a 48.5 per cent increase in expected credit loss (ECL). (100 baht = RM13.27)

It said that the higher ECL was in line with the bank’s prudent approach in view of the prevailing economic environment.