Bank of Ayudhya and CIMB Thai Bank today revealed their quarterly profits. While CIMBT's quarterly net profit of Bt348 million showed a 236 per cent increase from the same period last year, BAY's earnings of Bt2.08 billion represented a 101 per cent growth rate.
CIMBT, which lost Bt257 million in the same period last year, attributed the improvement to lower deposit cost which widened the interest spread to 4.3 percentage points from 2.6 percentage points. Its operating cost also dropped 19 per cent on year.
In a statement, BAY said major attributions were a 55 per cent increase in net interest and dividend income and a 89 per cent increase in non-interest income while non-interest expenses growth was held to 51 per cent compared to the same period in 2009.
"We are very pleased with our strong start to 2010, a year in which we are celebrating the bank's 65th anniversary. First quarter performance showed a significant improvement over last year and is better than plan. Operating profit before provision and taxes increased 87 per cent year-over-year while net profit doubled. This strong performance also enabled us to further strengthen our balance sheet with provision coverage moving up to 79 per cent while net NPLs (non-performing loans) declined to 4.9 per cent. This positions us well to accelerate our resolution of the bank's legacy NPLs."
