SINGAPORE (May 14): CIMB Group Holdings’ asset quality has improved substantially in Indonesia but pressures persist in Thailand, based on the recently released first quarter financial performance of the group’s subsidiaries in those two markets.
On April 20, CIMB Thai Bank reported a 39% y-o-y improvement in first quarter net profit to THB168.9 million ($7.1 million). However, gross non-performing loans went up 6.5% q-o-q to THB11.4 billion, which led to a 40-basis-point hike in its gross NPL ratio to 5.2%. This is higher than the Thai banking industry’s gross NPL ratio of about 3%.
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