The 10 SET-listed banks posted a combined net profit of 53.3 billion baht for the first quarter of 2022, an increase of 14.4% year-on-year, thanks to a decline in loan-loss provisions in line with an economic rebound.
Of the 10 banks listed on the Stock Exchange of Thailand, CIMB Thai Bank, majority owned by the Malaysia-based CIMB Group, recorded the industry’s highest net profit growth rate in the quarter, rising 211% year-on-year to 1.06 billion baht, as the financial institutions announced their unreviewed consolidated results.
The improvement for CIMBT was attributed to better cost control, with a 14% decline in operating expenses and a 64% decrease in expected credit losses, despite a marginal drop of 0.8% in operating income.
Looking solely at the five largest banks, Krungthai Bank posted the highest growth rate with net profit of 8.78 billion baht in the…
