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||22 January 2010
Malaysia’s CIMB Thai unit posts profit for FY09
CIMB Thai Bank Plc, a 93.15 percent subsidiary of CIMB Bank Bhd, registered a net profit of 1.7 million baht for the financial year ended Dec 31, 2009 (FY09) compared with a two billion baht loss in FY08 as a result of two successive quarters of profitable operations, Malaysia’s daily the StarBiz reported.
CIMB Thai also saw a 6 percent year-on-year growth in revenue to 6.9 billion baht, driven by the expansion in non-interest income on the back of robust fee income, gains from the sale of investments and dividend income.
It had also improved its asset quality by reducing total gross non-performing loans by 6 percent year-on-year, CIMB Group Holdings Bhd told the stock exchange.
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