CIMB Thai FY20 net profit dips on higher provisions

However, pre-provision operating profit increased 12.0% YoY to 6,027.8 million baht due to a 1.1% increase in income, while operating expenses fell by 5.1% YoY.

KUALA LUMPUR: CIMB Group’s subsidiary CIMB Thai Bank PCL posted lower net profit of 1,290.6 million baht (RM174.23mil) in the financial year ended Dec 31,2020 (FY20) due to higher provisions.

The bank reported on Thursday net profit declined by 727.2 million baht or 36% year-on-year (YoY). This was due to a 60% YoY increase in provisions due to economic uncertainty and potential credit migration from customers affected by the Covid-19 pandemic.