Cimb Thai Bank Public Co. Ltd.SET: CIMBT

Financial Statements for 6 months ended 30 June 2025 (Audited)

Aug 25, 2025 at 10:46 AM UTC · Issued by CIMB Thai Bank Public Co. Ltd.

CIMB THAI BANK PUBLIC COMPANY LIMITED INTERIM CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS 30 JUNE 2025 Independent Auditor's Report

To the shareholders of CIMB Thai Bank Public Company Limited

My opinion

In my opinion, the interim consolidated financial statements and the interim separate financial statements present fairly, in all material respects, the interim consolidated financial position of CIMB Thai Bank Public Company Limited (the Bank) and its subsidiaries (the Group) and the interim separate financial position of the Bank as at 30 June 2025, and its interim consolidated and separate financial performance and its interim consolidated and separate cash flows for the six-month period then ended in accordance with Thai Financial Reporting Standards (TFRS) and the Bank of Thailand notifications in relation to the preparation and presentation of financial reporting as described in the notes to the interim consolidated and separate financial statements no. 2.

What I have audited

The interim consolidated and the separate financial statements comprise:

the interim consolidated and separate statements of financial position as at 30 June 2025;
the interim consolidated and separate statements of comprehensive income for the six-month period then ended;
the interim consolidated and separate statements of changes in equity for the six-month period then ended;
the interim consolidated and separate statements of cash flows for the six-month period then ended; and
the interim notes to the interim consolidated and separate financial statements, which include material accounting policies and other explanatory information.
Basis for opinion
I conducted my audit in accordance with Thai Standards on Auditing (TSAs). My responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the interim consolidated and separate financial statements section of my report. I am independent of the Group and the Bank in accordance with the Code of Ethics for Professional Accountants including Independence Standards issued by the Federation of Accounting Professions (TFAC Code) that are relevant to my audit of the interim consolidated and separate financial statements, and I have fulfilled my other ethical responsibilities in accordance with the TFAC Code. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.
Key audit matters
Key audit matters are those matters that, in my professional judgement, were of most significance in my audit of the interim consolidated and separate financial statements of the current year. I determine one key audit matter: Allowances for expected credit losses on loans to customers, loan commitments and financial guarantee contracts. This matter was addressed in the context of my audit of the interim consolidated and separate financial statements as a whole, and in forming my opinion thereon, and I do not provide a separate opinion on the matter.
Allowances for expected credit losses on loans to customers, loan commitments and financial guarantee contracts
Refer to Notes to the interim consolidated and separate financial statements no. 2 for accounting policies, no. 11 for disclosures relating to loans to customers, and no. 23 for disclosures relating to provisions.
Loans to customers are a significant item constituting 44.02% of total assets. As at 30 June 2025 the total loans portfolio of the Group comprises of loans of commercial banking business which constitutes 86.94%, and hire-purchase receivables generated from the operations of the subsidiaries 13.06%. Management made an estimate on the allowances for expected credit losses on certain loans, portfolio of loans to customers, loan commitments and financial guarantee contracts by applying both quantitative data and qualitative factors which are complex.
I focused on auditing this area because the allowances for expected credit loss ("ECL") under TFRS 9 " Financial Instruments" require the use of complex models and significant assumptions about future economic conditions and ability to pay.
In addition, the significant judgements in applying the accounting requirements for measuring ECL include the following:
- Building the appropriate collective assessment models used to calculate ECL. The models are inherently complex, and judgement is applied in determining the appropriate model construct;
- Identifying loans to customers that have experienced a significant increase in credit risk;
- Assumptions used in the ECL models such as expected future cash flows, forward-looking macroeconomic factors, probability weighted scenarios and management overlay ; and
- Data and assumptions used for ECL for the significant exposure on individual assessment approach such as expected future cash flows and the appraisal value of collaterals.
I evaluated the design and implementation of controls, and tested the operating effectiveness of key controls over input data and the calculation of allowances for expected credit losses in the system as follows:
I tested management's controls over data accuracy, assessed the application of appropriate methodologies and appropriateness of systems, processes and internal controls in assessing the reliability of results for setting up allowances for expected credit losses.
I tested the key controls (both automated and manual). I involved my information technology specialists to test access controls to the system, including the scripts, and controls over the computation of allowances for expected credit losses, as well as the accuracy of customers' account balances used in the computation. I also tested controls over accuracy of data input into the system that used to determine the allowances for expected credit losses, collateral amounts and data transfer.
I tested governance controls for the ECL model development and refinements, including model approval, monitoring and validation.
I tested management's controls over the review and approval of setting up allowances for expected credit losses by reading minutes of key committee meetings such as the audit committee, risk committee, management committees and Board of Directors of the Group.
I didn't find any exceptions from my testing, with the result that I relied on controls of the Group in my audit. In addition, I also performed the following further procedures.
- I assessed and tested the methodologies, as well as the significant modelling assumptions and data reliability inherent within the ECL models applied. I also considered appropriateness of forward-looking forecasts assumptions compared with available information in the market.
- I examined a sample of loans to customers and gathered relevant information to form my judgement on whether there was a significant increase in credit risk or any objective evidence of impairment on these customers, and then considered the appropriateness of the stage classification. I independently performed a credit analysis where I selected loans based on risk exposures. I tested the internal credit rating of those loans with the Bank's internal credit rating policy.
- I tested management's review and approval process for management overlay. I assessed the appropriateness of management overlay by using my banking industry experience and knowledge, in the light of current economic conditions.
- Where allowances for expected credit losses were individually calculated, I assessed their adequacy of allowances for expected credit losses by challenging the basis of cash flow projections prepared by management and assessed the appropriateness of projections by examining them against the relevant supporting evidence. I had a detailed discussion with management on the future cash flows expected from customers. I also used professional judgement and external evidence, if any, to assess those projections, and re-performed the calculations of the discounted cash flows.
- For collateral valuations performed by the professional valuers, I checked their qualifications. Then, I sampled those valuations to check that management used the latest valuations in the computation of allowances for expected credit losses. I assessed the appropriateness of the valuation methodologies by considering that the valuers used the methodology allowed by the regulators. I also checked the accuracy of the collateral value in the ECL models.
  Based on the work I performed, I didn't find any material differences from allowances for expected credit losses which had been assessed by management.
  Responsibilities of the directors for the interim consolidated and separate financial statements
  The directors are responsible for the preparation and fair presentation of the interim consolidated and separate financial statements in accordance with TFRS and the Bank of Thailand notifications in relation to the preparation and presentation of financial reporting as described in the notes to the interim consolidated and separate financial statements no. 2, and for such internal control as the directors determine is necessary to enable the preparation of interim consolidated and separate financial statements that are free from material misstatement, whether due to fraud or error.
  In preparing the interim consolidated and separate financial statements, the directors are responsible for assessing the Group's and the Bank's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group and the Bank or to cease operations, or has no realistic alternative but to do so.
  The audit committee assists the directors in discharging their responsibilities for overseeing the Group's and the Bank's
  financial reporting process.
  Auditor's responsibilities for the audit of the interim consolidated and separate financial statements
  My objectives are to obtain reasonable assurance about whether the interim consolidated and separate financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes my opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with TSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these interim consolidated and separate financial statements.
  As part of an audit in accordance with TSAs, I exercise professional judgement and maintain professional scepticism throughout the audit. I also:
Identify and assess the risks of material misstatement of the interim consolidated and separate financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Bank's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Bank's ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor's report to the related disclosures in the interim consolidated and separate financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor's report. However, future events or conditions may cause the Group and the Bank to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the interim consolidated and separate financial statements, including the disclosures, and whether the interim consolidated and separate financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the interim group financial statements. I am responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. I remain solely responsible for my audit opinion.

I communicate with the audit committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit.

I also provide the audit committee with a statement that I have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on my independence, and where applicable, related safeguards.

From the matters communicated with the audit committee, I determine those matters that were of most significance in the audit of the interim consolidated and separate financial statements of the current period and are therefore the key audit matters. I describe these matters in my auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, I determine that a matter should not be communicated in my report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Review report

I have reviewed the interim consolidated and separate statements of comprehensive income for the three-month period ended 30 June 2025 of CIMB Thai Bank Public Company Limited and its subsidiaries, and of CIMB Thai Bank Public Company Limited, respectively. Management is responsible for the preparation and presentation of the interim consolidated and separate statements of comprehensive income in accordance with Thai Accounting Standard 34, "Interim Financial Reporting" and the Bank of Thailand notifications in relation to the preparation and presentation of financial reporting. My responsibility is to express a conclusion on the interim consolidated and separate statements of comprehensive income based on my review.

Scope of review

I conducted my review in accordance with the Thai Standard on Review Engagements 2410, "Review of interim financial information performed by the independent auditor of the entity". A review of the interim consolidated and separate statements of comprehensive income consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Thai Standards on Auditing and consequently does not enable me to obtain assurance that I would become aware of all significant matters that might be identified in an audit. Accordingly, I do not express an audit opinion on the interim consolidated and separate statement of comprehensive income.

Conclusion

Based on my review, nothing has come to my attention that causes me to believe that the interim consolidated and separate statements of comprehensive income for the three-month period ended 30 June 2025 are not prepared, in all material respects, in accordance with Thai Accounting Standard 34, "Interim Financial Reporting" and the Bank of Thailand notifications in relation to the preparation and presentation of financial reporting.

PricewaterhouseCoopers ABAS Ltd.

Sakuna Yamsakul

Certified Public Accountant (Thailand) No. 4906 Bangkok

25 August 2025

Consolidated Separate

Assets	Notes	30 June 2025 Baht	31 December 2024 Baht	30 June 2025 Baht	31 December 2024 Baht
Cash		754,607,862	950,862,156	754,337,861	950,532,156
Interbank and money market items, net Financial assets measured at fair value through profit or loss	6 7	10,004,790,040 77,671,305,988	7,149,861,548 62,283,037,361	9,759,527,603 77,671,305,988	6,912,250,691 62,283,037,361
Derivative assets	8	65,161,087,933	56,229,043,285	65,161,087,933	56,229,043,285
Investments, net	9	112,374,849,916	106,403,971,840	112,372,849,916	105,584,437,721
Investments in subsidiaries, net	10	-	-	2,895,420,707	2,895,420,707
Loans and accrued interest receivables, net	11, 12	242,006,958,083	248,850,387,832	240,104,654,688	245,812,067,478
Properties for sale, net	13	1,152,023,462	1,133,386,238	997,357,523	957,127,064
Premises and equipment, net	14	3,279,924,659	3,360,910,339	3,160,973,026	3,231,316,013
Right of use assets, net	15	205,157,615	188,663,103	184,282,394	170,698,203
Intangible assets, net	16	954,223,323	977,063,054	927,940,560	947,404,477
Deferred tax assets		1,183,075,066	1,113,947,692	-	-
Credit support assets on derivatives Accounts receivable from sell of financial assets measured at fair value through profit or loss and investments		24,696,689,063 7,705,900,366	12,668,356,035 4,881,956,304	24,696,689,063 7,705,900,366	12,668,356,035 4,881,956,304
Other assets, net	18	2,575,232,742	2,264,607,556	2,416,475,393	2,054,148,524
Total assets		549,725,826,118	508,456,054,343	548,808,803,021	505,577,796,019

Director Director

The accompanying notes to the interim consolidated and separate financial statements are an integral part of these interim financial statements.

Consolidated Separate

Liabilities and equity	Notes	30 June 2025 Baht	31 December 2024 Baht	30 June 2025 Baht	31 December 2024 Baht
Liabilities
Deposits	19	274,531,502,970	278,928,749,859	275,239,824,317	279,306,414,925
Interbank and money market items	20	87,182,574,885	67,945,137,564	87,182,574,885	67,945,137,564
Liability payable on demand Financial liabilities measured at fair value through profit or loss	21	616,762,952 11,400,445,161	235,448,005 10,819,768,399	616,762,952 11,400,445,161	235,448,005 10,819,768,399
Derivative liabilities	8	75,276,947,607	57,792,748,394	75,276,947,607	57,792,748,394
Debt issued and borrowings	22	17,115,885,123	18,351,093,167	17,115,885,123	18,351,093,167
Lease liabilities		209,660,966	193,045,435	188,577,663	174,794,357
Provisions	23	1,545,457,529	1,556,699,046	1,444,129,318	1,446,475,898
Deferred tax liabilities	17	506,395,526	92,399,070	406,254,996	21,753,054
Credit support liabilities on derivatives Accounts payable from purchase of financial assets measured at fair value through profit or loss and investments		15,228,024,456 11,190,918,392	12,134,372,512 4,588,748,165	15,228,024,456 11,190,918,392	12,134,372,512 4,588,748,165
Other liabilities	24	4,041,246,077	5,070,803,186	3,476,031,385	4,295,168,736
Total liabilities		498,845,821,644	457,709,012,802	498,766,376,255	457,111,923,176

Equity

Share capital 26

Registered

34,822,261,748 ordinary shares

of Baht 0.50 each 17,411,130,874 17,411,130,874 17,411,130,874 17,411,130,874

Issued and paid-up share capital 34,822,261,748 ordinary shares

of Baht 0.50 each		17,411,130,874	17,411,130,874	17,411,130,874	17,411,130,874
Premium on share capital		10,145,965,854	10,145,965,854	10,145,965,854	10,145,965,854
Other reserves		2,241,103,160	1,735,642,396	2,260,538,713	1,755,077,949
Accretion of equity interests in subsidiary		(42,753,751)	(42,753,751)	-	-
Retained earnings
Appropriated - statutory reserve	28	1,030,101,000	927,601,000	1,030,101,000	927,601,000
Unappropriated		20,094,457,337	20,569,455,168	19,194,690,325	18,226,097,166
Total equity		50,880,004,474	50,747,041,541	50,042,426,766	48,465,872,843
Total liabilities and equity		549,725,826,118	508,456,054,343	548,808,803,021	505,577,796,019

The accompanying notes to the interim consolidated and separate financial statements are an integral part of these interim financial statements.

Consolidated Separate

	2025 Baht	2024 Baht	2025 Baht	2024 Baht
Interest income	4,002,362,601	4,709,905,839	3,371,077,010	4,115,621,861
Interest expenses	(2,107,808,881)	(2,287,901,185)	(2,107,706,296)	(2,287,762,151)
Net interest income	1,894,553,720	2,422,004,654	1,263,370,714	1,827,859,710
Fees and service income	434,123,675	482,409,633	369,455,464	360,895,108
Fees and service expenses	(128,021,059)	(174,365,514)	(67,494,356)	(109,994,399)
Net fees and service income	306,102,616	308,044,119	301,961,108	250,900,709
(Losses) gains on financial instruments measured
at fair value through profit or loss	(17,980,591)	290,061,843	(17,980,591)	290,061,843
Gains on investments	728,594,755	175,258,853	728,524,315	175,258,853
Gains on sale of non-performing loans	12,280,391	-	1,547,003	-
Other operating income	273,094,499	317,999,968	1,483,677,929	216,293,174
Total operating income	3,196,645,390	3,513,369,437	3,761,100,478	2,760,374,289
Other operating expenses
Employee expenses	1,024,535,155	918,464,117	894,810,641	797,943,675
Directors' remuneration	3,854,000	3,590,000	3,854,000	3,590,000
Premises and equipment expenses	250,261,072	258,077,781	221,948,370	223,180,729
Taxes and duties	100,275,637	124,725,525	99,782,551	124,352,968
Others	444,584,729	847,343,250	358,591,494	307,643,554
Total other operating expenses	1,823,510,593	2,152,200,673	1,578,987,056	1,456,710,926
Expected credit losses	1,152,690,437	540,415,784	515,311,219	61,915,059
Profit before income tax expenses	220,444,360	820,752,980	1,666,802,203	1,241,748,304
Income tax expenses	(45,941,615)	(152,289,092)	(74,613,469)	(236,979,744)
Net profit for the period	174,502,745	668,463,888	1,592,188,734	1,004,768,560

The accompanying notes to the interim consolidated and separate financial statements are an integral part of these interim financial statements.

	Consolidated					Separate
	2025			2024		2025		2024
	Baht			Baht		Baht		Baht
Other comprehensive income (expenses)
Items that will be reclassified
subsequently to profit or loss
Gains (losses) on investments in debt instruments
measured at fair value through other
comprehensive income	865,524,803	(253,108,271)		865,524,803				(253,108,271)
Gains on fair value of hedging instruments
for cash flow hedges	4,290,844	93,418,985		4,290,844				93,418,985
Income tax relating to items that will be
reclassified subsequently to profit or loss	(139,203,941)		31,440,154		(139,203,941)		31,440,154
Total items that will be reclassified
subsequently to profit or loss	730,611,706		(128,249,132)		730,611,706		(128,249,132)
Items that will not be reclassified
subsequently to profit or loss
Losses on investment in equity instruments
designated at fair value through other
comprehensive income	(1,893,462)		(2,200,038)		(1,893,462)		(2,200,038)
Losses on financial liabilities designated at
fair value relating to own credit risk	(35,932,021)		(3,655,820)		(35,932,021)		(3,655,820)
Income tax relating to items that will not be
reclassified subsequently to profit or loss	7,261,285		852,794		7,261,285		852,794
Total items that will not be reclassified
subsequently to profit or loss	(30,564,198)		(5,003,064)		(30,564,198)		(5,003,064)
Total other comprehensive income (expenses)	700,047,508		(133,252,196)		700,047,508		(133,252,196)
Total comprehensive income for the period	874,550,253		535,211,692		2,292,236,242		871,516,364

The accompanying notes to the interim consolidated and separate financial statements are an integral part of these interim financial statements.

Consolidated Separate

Net profit attributable to:	2025 Baht	2024 Baht	2025 Baht	2024 Baht
Shareholders of the Bank Non-controlling interests	174,502,745 -	668,463,888 -	1,592,188,734 -	1,004,768,560 -
	174,502,745	668,463,888	1,592,188,734	1,004,768,560
Total comprehensive income attributable to:
Shareholders of the Bank Non-controlling interests	874,550,253 -	535,211,692 -	2,292,236,242 -	871,516,364 -
	874,550,253	535,211,692	2,292,236,242	871,516,364

Earnings per share for profit attributable to the shareholders of the Bank

0.01	0.02	0.05	0.03
34,822,261,748	34,822,261,748	34,822,261,748	34,822,261,748

Basic earnings per share (Baht per share)

Weighted average number of ordinary shares (shares)

The accompanying notes to the interim consolidated and separate financial statements are an integral part of these interim financial statements.

Consolidated Separate

	Notes	2025 Baht	2024 Baht	2025 Baht	2024 Baht
Interest income	32	8,413,700,408	9,373,734,648	7,154,349,527	8,186,076,730
Interest expenses	33	(4,320,314,435)	(4,634,316,860)	(4,320,117,417)	(4,633,994,348)
Net interest income		4,093,385,973	4,739,417,788	2,834,232,110	3,552,082,382
Fees and service income		919,933,589	990,166,885	763,277,877	748,219,100
Fees and service expenses		(252,277,007)	(352,967,541)	(127,409,827)	(216,262,139)
Net fees and service income	34	667,656,582	637,199,344	635,868,050	531,956,961
Gains on financial instruments measured
at fair value through profit or loss	35	515,018,700	662,439,286	515,018,700	662,439,286
Gains on investments	36	916,634,544	298,307,742	916,564,105	298,307,742
Gains on sale of non-performing loans		12,280,391	90,072,313	1,547,003	-
Other operating income	37	575,502,311	610,819,651	1,693,531,607	421,325,272
Total operating income		6,780,478,501	7,038,256,124	6,596,761,575	5,466,111,643
Other operating expenses
Employee expenses		2,047,615,386	1,977,404,976	1,787,685,345	1,724,390,656
Directors' remuneration		7,558,000	7,355,586	7,558,000	7,355,586
Premises and equipment expenses		478,242,156	472,201,525	420,837,529	402,842,421
Taxes and duties		212,124,545	242,405,279	209,934,857	240,122,245
Others		784,796,211	1,663,718,027	636,292,140	586,887,233
Total other operating expenses		3,530,336,298	4,363,085,393	3,062,307,871	2,961,598,141
Expected credit losses	38	1,981,229,785	1,064,200,555	786,340,766	124,243,286
Profit before income tax expenses		1,268,912,418	1,610,970,176	2,748,112,938	2,380,270,216
Income tax expenses	39	(256,275,271)	(316,399,804)	(291,884,801)	(470,986,743)
Net profit for the period		1,012,637,147	1,294,570,372	2,456,228,137	1,909,283,473

The accompanying notes to the interim consolidated and separate financial statements are an integral part of these interim financial statements.

	Consolidated					Separate
	2025			2024		2025		2024
	Baht			Baht		Baht		Baht
Other comprehensive income
Items that will be reclassified
subsequently to profit or loss
Gains on investments in debt instruments
measured at fair value through other
comprehensive income	9	654,433,289		2,490,584		654,433,289		2,490,584
(Losses) gains on fair value of hedging instruments for
cash flow hedges		(20,379,636)		77,944,996		(20,379,636)		77,944,996
Income tax relating to items that will be
reclassified subsequently to profit or loss	(93,965,413)		(16,465,308)		(93,965,413)		(16,465,308)
Total items that will be reclassified
subsequently to profit or loss	540,088,240		63,970,272		540,088,240		63,970,272
Items that will not be reclassified
subsequently to profit or loss
Losses on investment in equity instruments
designated at fair value through other
comprehensive income	(9,114,543)		(2,892,173)		(9,114,543)		(2,892,173)
(Losses) gains on financial liabilities designated at
fair value relating to own credit risk	(4,339,798)		425,700,628		(4,339,798)		425,700,628
Income tax relating to items that will not be
reclassified subsequently to profit or loss	1,348,272		(84,964,438)		1,348,272		(84,964,438)
Total items that will not be reclassified
subsequently to profit or loss	(12,106,069)		337,844,017		(12,106,069)		337,844,017
Total other comprehensive income	527,982,171		401,814,289		527,982,171		401,814,289
Total comprehensive income
for the period	1,540,619,318		1,696,384,661		2,984,210,308		2,311,097,762

The accompanying notes to the interim consolidated and separate financial statements are an integral part of these interim financial statements.

Consolidated Separate

Net profit attributable to:	Note	2025 Baht	2024 Baht	2025 Baht	2024 Baht
Shareholders of the Bank Non-controlling interests		1,012,637,147 -	1,294,570,372 -	2,456,228,137 -	1,909,283,473 -
		1,012,637,147	1,294,570,372	2,456,228,137	1,909,283,473
Total comprehensive income attributable to:
Shareholders of the Bank Non-controlling interests		1,540,619,318 -	1,696,384,661 -	2,984,210,308 -	2,311,097,762 -
		1,540,619,318	1,696,384,661	2,984,210,308	2,311,097,762

Earnings per share for profit attributable to the shareholders of the Bank 41

0.03	0.04	0.07	0.05
34,822,261,748	34,822,261,748	34,822,261,748	34,822,261,748

Basic earnings per share (Baht per share)

Weighted average number of ordinary shares (shares)

The accompanying notes to the interim consolidated and separate financial statements are an integral part of these interim financial statements.

Consolidated Attributable to owners of the Bank

								Other reserves
					(Losses) gain on		Losses
					investments in		on investment in	(Losses) gains			Income tax
					debt instruments	Gains (losses) on	equity instruments	on financial			relating to
					measured	fair value of	designated	liabilities		Other	components
					at fair value	hedging	at fair value	designated		reserve	of other
		Issued and		Revaluation	through other	instruments	through other	at fair value	Remeasurements of	from	comprehensive		Accretion of
		paid-up	Share	surplus on	comprehensive	for cash flow	comprehensive	relating to	post-employment	share-based	(expense)	Total	equity interests	Legal	Retained
		share capital	premium	assets	income	hedges	income	own credit risk	benefit obligations	payment	income	other reserves	in subsidiary	reserve	earnings	Total Equity
	Note	Baht	Baht	Baht	Baht	Baht	Baht	Baht	Baht	Baht	Baht	Baht	Baht	Baht	Baht	Baht
Balance as at 1 January 2025		17,411,130,874	10,145,965,854	2,308,592,797	(76,709,446)	30,943,977	(219,807,270)	(123,398,995)	142,190,127	108,319,356	(434,488,150)	1,735,642,396	(42,753,751)	927,601,000	20,569,455,168	50,747,041,541
Dividend paid	27	-	-	-	-	-	-	-	-	-	-	-	-	-	(1,392,890,470)	(1,392,890,470)
Share-based payments		-	-	-	-	-	-	-	-	(14,765,915)	-	(14,765,915)	-	-	-	(14,765,915)
Total comprehensive income
(expenses) for the period		-	-	-	654,433,289	(20,379,636)	(9,114,543)	(4,339,798)	-	-	(92,617,141)	527,982,171	-		1,012,637,147	1,540,619,318
Appropriated - statutory reserve	28	-	-	-	-	-	-	-	-	-	-	-	-	102,500,000	(102,500,000)	-
Transfer to retained earnings		-	-	(9,902,083)	-	-	-	166,174	-	-	1,980,417	(7,755,492)	-	-	7,755,492	-
Balance as at 30 June 2025		17,411,130,874	10,145,965,854	2,298,690,714	577,723,843	10,564,341	(228,921,813)	(127,572,619)	142,190,127	93,553,441	(525,124,874)	2,241,103,160	(42,753,751)	1,030,101,000	20,094,457,337	50,880,004,474
Balance as at 1 January 2024		17,411,130,874	10,145,965,854	2,325,851,645	(615,819,406)	115,833,745	(209,135,249)	(559,523,236)	5,597,936	-	(255,477,411)	807,328,024	(42,753,751)	791,601,000	17,865,276,071	46,978,548,072
Share-based payments		-	-	-	-	-	-	-	-	96,774,336	-	96,774,336	-	-	-	96,774,336
Total comprehensive (expenses)
income for the period		-	-	-	2,490,584	77,944,996	(2,892,173)	425,700,628	-	-	(101,429,746)	401,814,289	-	-	1,294,570,372	1,696,384,661
Appropriated - statutory reserve		-	-	-	-	-	-	-	-	-	-	-	-	40,500,000	(40,500,000)	-
Transfer to retained earnings		-	-	(8,630,795)	-	-	-	-	-	-	1,726,159	(6,904,636)	-	-	6,904,636	-
Balance as at 30 June 2024		17,411,130,874	10,145,965,854	2,317,220,850	(613,328,822)	193,778,741	(212,027,422)	(133,822,608)	5,597,936	96,774,336	(355,180,998)	1,299,012,013	(42,753,751)	832,101,000	19,126,251,079	48,771,707,069

The accompanying notes to the interim consolidated and separate financial statements are an integral part of these interim financial statements.

Separate

								Other reserves
					(Losses) gain on		Losses
					investments in		investment in	(Losses) gains			Income tax
					debt instruments	Gains (losses) on	equity instruments	on financial			relating to
					measured	fair value of	designated	liabilities		Other	components
					at fair value	hedging	at fair value	designated		reserve	of other
		Issued and		Revaluation	through other	instruments	through other	at fair value	Remeasurements of	from	comprehensive
		paid-up	Share	surplus on	comprehensive	for cash flow	comprehensive	relating to	post-employment	share-based	(expense)	Total	Legal	Retained
		share capital	premium	assets	income	hedges	income	own credit risk	benefit obligations	payment	income	other reserves	reserve	earnings	Total Equity
	Note	Baht	Baht	Baht	Baht	Baht	Baht	Baht	Baht	Baht	Baht	Baht	Baht	Baht	Baht
Balance as at 1 January 2025		17,411,130,874	10,145,965,854	2,308,592,797	(76,709,446)	30,943,977	(219,807,270)	(123,398,995)	166,484,568	108,319,356	(439,347,038)	1,755,077,949	927,601,000	18,226,097,166	48,465,872,843
Dividend paid	27	-	-	-	-	-	-	-	-	-	-	-	-	(1,392,890,470)	(1,392,890,470)
Share-based payments		-	-	-	-	-	-	-	-	(14,765,915)	-	(14,765,915)	-	-	(14,765,915)
Total comprehensive income
(expenses) for the period		-	-	-	654,433,289	(20,379,636)	(9,114,543)	(4,339,798)	-	-	(92,617,141)	527,982,171	-	2,456,228,137	2,984,210,308
Appropriated - statutory reserve	28	-	-	-	-	-	-	-	-	-	-	-	102,500,000	(102,500,000)	-
Transfer to retained earnings		-	-	(9,902,083)	-	-	-	166,174	-	-	1,980,417	(7,755,492)	-	7,755,492	-
Balance as at 30 June 2025		17,411,130,874	10,145,965,854	2,298,690,714	577,723,843	10,564,341	(228,921,813)	(127,572,619)	166,484,568	93,553,441	(529,983,762)	2,260,538,713	1,030,101,000	19,194,690,325	50,042,426,766
Balance as at 1 January 2024		17,411,130,874	10,145,965,854	2,325,851,645	(615,819,406)	115,833,745	(209,135,249)	(559,523,236)	33,558,432	-	(261,069,510)	829,696,421	791,601,000	14,417,220,135	43,595,614,284
Share-based payments		-	-	-	-	-	-	-	-	96,774,336	-	96,774,336	-	-	96,774,336
Total comprehensive (expenses)
income for the period		-	-	-	2,490,584	77,944,996	(2,892,173)	425,700,628	-	-	(101,429,746)	401,814,289	-	1,909,283,473	2,311,097,762
Appropriated - statutory reserve		-	-	-	-	-	-	-	-	-	-	-	40,500,000	(40,500,000)	-
Transfer to retained earnings		-	-	(8,630,795)	-	-	-	-	-	-	1,726,159	(6,904,636)	-	6,904,636	-
Balance as at 30 June 2024		17,411,130,874	10,145,965,854	2,317,220,850	(613,328,822)	193,778,741	(212,027,422)	(133,822,608)	33,558,432	96,774,336	(360,773,097)	1,321,380,410	832,101,000	16,292,908,244	46,003,486,382

The accompanying notes to the interim consolidated and separate financial statements are an integral part of these interim financial statements.

Consolidated Separate

	Notes	2025 Baht	2024 Baht	2025 Baht	2024 Baht
Cash flows from operating activities Profit before income tax expenses		1,268,912,418	1,610,970,176	2,748,112,938	2,380,270,216
Adjustments to reconcile net incomes before income tax to cash in (out) flows from operating activities: Depreciation and amortisation		350,995,122	344,259,979	325,675,364	315,540,385
Expected credit losses	38	1,981,229,785	1,064,200,555	786,340,766	124,243,286
Share-based payment	30	(2,789,631)	8,716,789	(2,789,631)	8,716,789
Provision for liabilities		68,699,586	(29,921,606)	62,394,233	(27,219,000)
Losses on impairment of properties for sale and other assets Losses (gains) on exchange rate of debt issued and borrowing and derivatives		31,870,945 6,924,771,222	917,117,444 (856,661,931)	8,805,451 6,924,771,222	10,828,574 (856,661,931)
Unrealised (gains) losses on revaluation of financial assets measured at fair value through profit or loss		(4,643,544,509)	88,431,254	(4,643,544,509)	88,431,254
Gains on sale of investments	36	(916,634,544)	(298,307,742)	(916,564,105)	(298,307,742)
Gains on disposal of premises and equipment		(1,310,686)	(3,702,679)	(1,310,686)	(3,702,679)
Losses from write off premises, equipment and intangible assets		275,306	341,715	150,235	341,657
Gains on modification and termination of leases Losses (gains) on financial liabilities designated at fair value through profit or loss		(13,774) 301,212,506	(98,852) (299,563,082)	- 301,212,506	- (299,563,082)
Interest income	32	(8,413,700,408)	(9,373,734,648)	(7,154,349,527)	(8,186,076,730)
Dividend income	37	(11,920,114)	(14,412,377)	(1,302,051,835)	(14,412,377)
Interest expenses	33	4,320,314,435	4,634,316,860	4,320,117,417	4,633,994,348
Gains (losses) from operations
before changes in operating assets and liabilities	1,258,367,659		(2,208,048,145)	1,456,969,839	(2,123,577,032)
(Increase) decrease in operating assets
Interbank and money market items	(2,855,804,863)		476,191,703	(2,848,153,284)	412,022,924
Financial assets measured at fair value through profit or loss	(6,044,781,629)		(2,262,240,334)	(6,044,781,629)	(2,262,240,334)
Loans	4,040,763,629		(10,790,446,761)	6,078,883,974	(7,949,187,934)
Properties for sale	1,903,989,664		1,819,012,449	11,206,716	3,962,861
Credit support assets on derivatives	(12,028,333,028)		(5,642,411,943)	(12,028,333,028)	(5,642,411,943)
Other assets	(823,403,048)		(1,051,252,908)	(875,253,059)	(995,736,631)
Increase (decrease) in operating liabilities
Deposits		(4,397,246,888)	11,462,069,138	(4,066,590,608)	11,583,977,706
Interbank and money market items		19,237,437,321	(24,375,152,763)	19,237,437,321	(24,375,152,763)
Liability payable on demand		381,314,947	143,164,049	381,314,947	143,164,049
Provisions		(81,193,158)	(72,728,290)	(73,185,727)	(68,064,730)
Credit support liabilities on derivatives		3,093,651,943	3,651,820,060	3,093,651,943	3,651,820,060
Other liabilities		(913,608,209)	(589,288,355)	(699,275,734)	(786,282,356)
Cash flows provided by (used in) operating activities		2,771,154,340	(29,439,312,100)	3,623,891,671	(28,407,706,123)
Cash received from interest income		6,922,298,620	8,330,525,484	5,590,099,574	7,079,443,405
Cash paid for interest expenses		(4,393,434,907)	(4,492,816,645)	(4,393,434,907)	(4,492,816,645)
Cash paid for income tax		(47,654,608)	(154,815,236)	(47,311,887)	(153,866,520)
Net cash flows provided by (used in) operating activities		5,252,363,445	(25,756,418,497)	4,773,244,451	(25,974,945,883)

The accompanying notes to the interim consolidated and separate financial statements are an integral part of these interim financial statements.

Consolidated Separate

2025 2024 2025 2024

Notes Baht Baht Baht Baht

Cash flows from investing activities Cash paid for purchases of investments in debt instruments
measured at fair value through other comprehensive income Proceeds from disposals and maturity of investments in debt instruments measured at fair value through other comprehensive income		(24,729,637,516) 19,939,165,390	(28,772,945,276) 54,339,092,511	(24,729,637,516) 19,939,165,390	(28,772,945,276) 54,339,092,511
Cash paid for purchases of investments in debt instruments measured at amortised cost		(2,627,087,836)	(1,658,285,944)	(2,627,087,836)	(1,458,928,622)
Proceeds from maturity of investments in debt instruments measured at amortised cost		3,269,654,558	4,400,000,000	2,452,050,000	4,400,000,000
Cash paid for purchases of premises and equipment		(58,796,280)	(61,874,582)	(57,778,283)	(57,359,937)
Proceeds from disposals of premises and equipment		1,822,972	3,357,896	1,318,037	1,954,235
Cash paid for purchases of intangible assets		(165,099,687)	(196,019,578)	(163,203,623)	(190,645,456)
Dividend received		11,920,114	14,412,377	1,302,051,835	14,412,377
Interest received		1,383,528,128	1,364,007,001	1,377,987,362	1,363,694,760
Net cash flows (used in) provided by investing activities		(2,974,530,157)	29,431,744,405	(2,505,134,634)	29,639,274,592
Cash flows from financing activities Proceeds from issuance of financial liabilities measured at fair value through profit or loss and borrowings		4,884,296,059	5,961,030,957	4,884,296,059	5,961,030,957
Cash paid for redemption of financial liabilities measured at
fair value through profit or loss and borrowings		(5,906,220,722)	(9,559,167,952)	(5,906,220,722)	(9,559,167,952)
Cash paid for dividend	27	(1,392,890,470)	-	(1,392,890,470)	-
Cash paid for lease liabilities	15	(59,272,449)	(56,813,290)	(49,488,979)	(45,781,092)
Net cash flows used in financing activities		(2,474,087,582)	(3,654,950,285)	(2,464,304,112)	(3,643,918,087)
Net (decrease) increase in cash and cash equivalents		(196,254,294)	20,375,623	(196,194,295)	20,410,622
Cash and cash equivalents at beginning of the period		950,862,156	905,364,960	950,532,156	904,999,960
Cash and cash equivalents at the end of the period		754,607,862	925,740,583	754,337,861	925,410,582

Supplemental disclosure of cash flows information

Non-cash transaction:

Interest amortisation from premium or discount	277,793,996	55,887,192	277,793,996	55,887,192
Accounts receivable from sell of investments	624,181,395	-	624,181,395	-
Accounts payable from purchase of investments	227,167,797	51,404,482	227,167,797	51,404,482

The accompanying notes to the interim consolidated and separate financial statements are an integral part of these interim financial statements.

Notes Contents Page

General information 19
Accounting policies 19
Financial risk management 30
Critical accounting estimates, assumptions and judgements 64
Classification of financial assets and financial liabilities 67
Interbank and money market items, net (assets) 71
Financial assets measured at fair value through profit or loss 72
Derivatives 72
Investments, net 75
Investments in subsidiaries, net 77
Loans and accrued interest receivables, net 77
Allowance for expected credit losses 81
Properties for sale, net 82
Premises and equipment, net 84
Right-of-use assets, net 88
Intangible assets, net 89
Deferred income taxes 91
Other assets, net 93
Deposits 93
Interbank and money market items (liabilities) 94
Financial liabilities designated at fair value through profit or loss 95
Debt issued and borrowings 96
Provisions 98
Other liabilities 100
Offsetting of financial assets and financial liabilities 101
Share capital 102
Dividend payments 102
Statutory reserve 102
Capital funds 103
Share-based payments 104
Important positions and performance classified by type of domestic or foreign transactions 105
Interest income 106
Interest expenses 107
Net fees and services income 107
Gains on financial instruments measured at fair value through profit or loss 108
Gains on investments, net 108
Other operating income 109
Expected credit losses 109
Corporate income tax 109
Provident fund 111
Earnings per share 112
Encumbrance of assets 112
Commitments and contingent liabilities 113
Related party transactions 114
Financial information by segment 120
Fair value 123

‌General information
CIMB Thai Bank Public Company Limited ("the Bank") is a public limited company which is listed on the Stock Exchange of Thailand and is incorporated and domiciled in Thailand. The Bank has operated as a commercial bank in Thailand since 8 March 1949. The address of the Bank's registered office is 44 Langsuan Road, Lumpini, Patumwan, Bangkok.
The Bank is listed on the Stock Exchange of Thailand. For reporting purposes, the Bank and its subsidiaries are referred to as the Group. Its parent company is CIMB Bank Berhad. CIMB Group Holdings Berhad is the parent company of the CIMB Group. Those companies are incorporated in Malaysia.
All subsidiaries were incorporated as limited companies under Thai laws, and all operate in Thailand, engaging mainly in the hire-purchase and leasing business.
The interim Consolidated and Separate interim financial statements were authorised by the Board of Directors on 25 August 2025.
‌Accounting policies
The principal accounting policies applied in the preparation of these interim consolidated and separate interim financial statements are set out below:
1. Basis of preparation of Consolidated and Separate interim financial statements
  The interim consolidated and separate interim financial statements (" the interim financial statements ") have been prepared in accordance with Thai Generally Accepted Accounting Principles under the Accounting Act B. E. 2543, being those Thai Financial Reporting Standards issued under the Accounting Profession Act B. E. 2547, and the financial reporting requirements of the Securities and Exchange Commission under the Securities and Exchange Act. The presentation of interim financial statements and disclosures in the notes to interim financial statements have been prepared in the format as required by the Notification of the Bank of Thailand ( BOT) no. SorNorSor 21/ 2561, " The Preparation and Format of the interim financial statements of Commercial Bank and Holding Parent Company of Financial Group" dated on 31 October 2018.
  The interim financial statements have been prepared under the historical cost convention, except as disclosed in the accounting policies below.
  In the current period, the Group has adopted amendment to TAS 1 - Presentation of financial statements that is effective for the accounting period beginning on or after 1 January 2025 in which the Group has reviewed and revised the disclosure from 'significant accounting policies' to 'material accounting policies'.
  The preparation of interim financial statements in conformity with Thai generally accepted accounting principles requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the interim financial statements , are disclosed in note 4 to the financial statements.
  An English version of the interim financial statements has been prepared from the statutory interim financial statements that are in Thai-language version. In the event of a conflict or a difference in interpretation between the two languages, the Thai language interim financial statements shall prevail.
2. Revenue recognition
  1. Interest and discount on loans
    Interest income will be recognised at effective interest rate by applying the effective interest rate to the gross carrying amount of loan to calculate the interest income except for the recognision interest income on loan when its principal or interest payment has become over three months past due or stage 3 loan account follow definition of TFRS 9 will be recognise at effective interest rate of the carrying amount after impairment.
  2. Interest and dividends on investments
    Interest income from investments is recognised on a time-proportion basis using the effective interest method. Dividend income from investments is recognised when the dividend payment is annouced.
  3. Fees and services income
    The Group recognises fees and services income when diverse range of services have been rendered to its customers.
    Fee and services income is generally recognised on the completion of a transaction. Such fees include brokerage income, underwriting fees, collection fees, and other fees related to the completion of corporate finance transactions.
    For a service that is provided over a year of time, fee and services income is recognised over the year during which the related service is provided or credit risk is undertaken. Such fees include the income from issuance of acceptances, avals and guarantees and management fees.
  4. Gains (losses) on sale of investments
    Gains (losses) on sale of investments are recognised as income/expenses on the transaction date.
  5. Income from hire-purchase contracts
    The subsidiaries calculate hire-purchase income using the effective interest rate method over the year of contracts. The subsidiaries recognise hire-purchase income on the same basis used for interest income on loans.
3. Expense recognition
  1. Interest expenses
    Interests on borrowings and deposits are recognised as expenses using the effective interest rate method.
  2. Fees and service expenses and other expenses
    Fee and service expenses and other expenses are recognised as expense on an accrual basis.
4. Cash
  Cash includes cash on hand according to the BOT's Notification.
5. Financial instruments
  Classification and measurements
  The Group classifies its financial assets as follows:
  - those to be measured subsequently at fair value either through profit or loss (FVPL) or through other comprehensive income (FVOCI)
  - those to be measured at amortised cost
    The Group initially recognises a financial asset on trade date, the date on which the Group commits to purchase or sell the asset, at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset, except financial assets that are measured at FVPL whose transaction costs are expensed in profit or loss.
    Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.
    Debt instruments
    Subsequent measurement of debt instruments depends on the business model for managing the financial asset and the contractual cash flow characteristics of the asset. There are three measurement categories:
    - Amortised cost: Assets that are held for collection of contractual cash flows that represent solely payments of principal and interest (SPPI) are measured at amortised cost. Interest income is included in interest income using the effective interest method. Any gain or loss on derecognition is presented in gains on investments, net and foreign exchange gains and losses is presented in gains on financial instruments measured at fair value through profit or loss. Impairment losses are presented as separate line item.
    - FVOCI: Assets that are held for collection of contractual cash flows that represent SPPI and for selling are measured at FVOCI. Movements in the carrying amount are taken through OCI, except impairment gains or losses, interest income using the effective interest method, and foreign exchange gains and losses which are recognised in profit or loss. When the financial assets is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified to profit or loss and recognised in gains on investments, net. Interest income is included in interest income. Impairment expenses are presented separately in the statement of comprehensive income.
    - FVPL: Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on subsequent measurement is gains and losses is presented in gains on financial instruments measured at fair value through profit or loss.
      The Group reclassifies debt instruments only when its business model for managing those assets changes. Equity instruments
      All equity instruments held must be irrevocably classified to measurement at fair value through other comprehensive income without subsequent recycling to profit or loss. Dividends from such investment continue to be recognised in statement of comprehensive income as other operating income.
      Loans of commercial banking business
      Loans are generally stated at the outstanding principal less the allowance for expected credit losses. Loans held within a business model whose objective is to hold assets in order to collect contractual cash flows and the contractual terms of the financial assets represent contractual cash flows that are solely payments of principal and interest on the principal amount outstanding.
      Hire-purchase receivables
      Hire-purchase receivables are stated at net realisable value from the contractual amounts net of unearned hire-purchase income.
      Allowance for expected credit losses
      The Group assesses expected credit loss on a forward looking basis for its financial assets carried at FVOCI and at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk, except lease receivables and other receivables which the Group applies the simplified approach in determining its expected credit loss.
      Allowance for expected credit losses involves a three-stage expected credit loss impairment model. The stage dictates how the entity measures impairment losses which will be as the following stages:
    - Stage 1 - from initial recognition of a financial assets to the date on which the credit risk of the asset has not increased significantly relative to its initial recognition, a loss allowance is recognised equal to the credit losses expected to result from defaults occurring over the next 12 months.
    - Stage 2 - following a significant increase in credit risk relative to the initial recognition of the financial assets, a loss allowance is recognised equal to the credit losses expected over the remaining life of the asset.
    - Stage 3 - When a financial asset is considered to be credit-impaired, a loss allowance equal to full lifetime expected credit losses is to be recognised.
    The Group measures the surplus reserve on the date of adoption for new financial reporting standards related to financial instruments by comparing the difference between allowance for expected credit losses according to requirement under new financial reporting standards related to financial instruments and total reserves that the Group had on 31 December 2019. In which, the Group will amortise the surplus reverse using the straight-line method over 5 years in accordance with notification number TorPorTor ForNorSor (23) Wor 1603/2562 to utilise surplus reserve from Bank of Thailand dated on 6 November 2019.
    Since 1 January 2022, the Group did not amortise the surplus reserve in order to reserve for possible losses that may be occurred in the future, in accordance the Notification of the Bank of Thailand (BOT) no. SorNorSor 23/2561 on guidelines for loan staging and the setting of allowance for financial institutions, dated 31 October 2018 no. 5.8, which stated that the financial institutions may apply any guidelines that are more stringent than BOT's statements to classify loan stages or reserve an allowance on assets and financial commitment, or to derecognise assets.
    The Group presents bad debt recoveries of loan to customers written-off as part of other income. Modification
    The Group sometimes renegotiates or otherwise modifies the contractual cashflow. When this happens, the Group assesses whether the new terms are substantially different to the original terms or not. The Group does this by considering, among others, the following factors:
  - If the borrower is in financial difficulty, whether the modification merely reduces the contractual cash flows to amounts the borrower is expected to be able to pay.
  - Whether any substantial new terms are introduced, such as a profit share/equity-based return that substantially affects the risk profile of the loan.
  - Significant extension of the loan term when the borrower is not financial difficulty.
  - Significant change in the interest rate.
  - Change in the currency the loan is denominated in.
  - Insertion of collateral, other security or credit enhancements that significantly affect the credit risk associated with the loan.
    If the terms are not substantially different, the renegotiation or modification does not result in derecognition, and the Group recalculates the gross carrying amount based on the revised cash flows of the financial assets and recognises a modification gain or loss in profit or loss. The new gross carrying amount is recalculated by discounting the modified cash flows at the original effective interest rate (or credit-adjusted effective interest rate for purchased or originated credit-impaired financial assets).
    The Group will monitor debt restructuring without derecognition if the debtors can to repay in accordance with the debt restructuring contract for three consecutive months or three installment payment period, whichever period is longer. In which, it reflects that the status of debtors does not meet criteria for significant increase in credit risk. Eventually, the Group will consider reclassifying debtors' staging to 1 stage better. For example, the stage will be reclassified from Stage 2 to Stage 1.
    However, regarding the debt restructuring for debtors in Stage 3; the monitoring repayment year will increase to be at least twelve installment payment period consecutively with no remaining principal and accrued interest due. After debtors have met the repayment criteria, it reflects the status of debtors does not meet criteria for significant increase in credit risk and can be reclassified as Stage 1 immediately.
    If the terms are substantially different, the Group derecognises the original financial assets and recognises a new financial asset at fair value and recalculates a new effective interest rate for the asset. The date of renegotiation is consequently considered to be the date of initial recognition for impairment calculation purposes, including for the purpose of determining whether a significant increase in credit risk has occurred. However, the Group also assesses whether the new financial asset recognised is deemed to be credit-impaired at initial recognition, especially in circumstances where the renegotiation was driven by the debtor being unable to make the originally agreed payments. Difference in the carrying amount are also recognised in profit or loss as gain or loss on derecognition.
    Derecognition other than on a modification
    Financial assets, or a portion thereof, are derecognised when the contractual rights to receive the cash flows from the assets have expired, or when they have been transferred and either
  - The Group transfers substantially all the risks and rewards of ownership, or
  - The Group neither transfers nor retains substantially all the risks and rewards of ownership and the Group has not retained control.
    The Group enters into transactions where it retains the contractual rights to receive cash flow from assets and assumes a contractual obligation to pay those cash flows to other entities and transfers substantially all of the risks and rewards. These transactions are accounted for as 'pass through' transfers that result in derecognition if the Group:
  - Has no obligation to make payments unless it collects equivalent amounts from assets;
  - Is prohibited from selling or pledging the assets; or
  - Has an obligation to remit any cash it collections from the assets without material delay.
    Classification and measurement of financial liabilities and equity
    Financial instruments issued by the Group must be classified as financial liabilities or equity securities by considering contractual obligations.
  - Where the Group has an unconditional contractual obligation to deliver cash or another financial asset to another entity, it is considered a financial liability unless there is a predetermined or possible settlement for a fixed amount of cash in exchange of a fixed number of the Group's own equity instruments.
  - Where the Group has no contractual obligation or has an unconditional right to avoid delivering cash or another financial asset in settlement of the obligation, it is considered an equity instrument.
  At initial recognition, the Group measures financial liabilities at fair value. The Group reclassifies all financial liabilities as subsequently measured at amortised cost, except for: Financial liabilities at fair value through profit or loss.
  This classification is applied to derivatives, financial liabilities held for trading and other financial liabilities designated as such at initial recognition. Financial liabilities designated at fair value through profit or loss when and only the Group demonstrates that it falls within one (or more) of following three criteria;
  1. When such designation eliminates or significantly reduces a measurement or recognition inconsistency
    ("accounting mismatch") that would otherwise arise,
  2. When a group of financial liabilities or both is managed and its performance is evaluated on fair value basis, in accordance with a documented risk management or investment strategy, and
  3. When an instrument contains an embedded derivative that meets particular conditions.
  Gain or losses on financial liabilities designated at fair value through profit or loss are presented gain (losses)
  on financial instruments measured at fair value through profit or loss.
  Derecognition of financial liabilities
  Financial liabilities ( or part of financial liabilities) are derecognised when they are extinguished or when the obligation specified in the contract is discharged, cancelled, or expired.
  The exchange between the Group and its original lenders of debt instruments with substantially different terms, as well as substantial modifications of terms of existing financial liabilities, are accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The terms are substantially different if the discounted present value of the cash flows under the new term including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability.
  If an exchange of debt instruments or modification of terms is accounted for as an extinguishment, any cost or fees incurred are recognised as part of gain or loss on the extinguishment. If the exchange or modification is not accounted for as an extinguishment, any costs or fees incurred adjusted the carrying amount of the liability and are amortised over remaining term of modified liability.
  Financial guarantee
  Financial guarantee contracts are recognised as a financial liability at the time the guarantee is issued. The liability is initially measured at fair value and subsequently at the higher of a) the amount of expected credit loss determined; and b) the amount initially recognised less the cumulative amount of income recognised.
  Offsetting financial assets and financial liabilities
  Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right of set-off and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously.
6. Investments in subsidiaries
  Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns though its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.
  The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement.
  Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest's proportionate share of the acquiree's net assets.
  If the business combination is achieved in stages, the acquisition date carrying value of the acquirer's previously held equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measured are recognised in profit or loss.
  Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in profit or loss. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity.
  The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets of the subsidiary acquired is recorded as goodwill. If the total of consideration transferred, non-controlling interest recognise and previously held interest measured is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in profit or loss.
  Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
7. Properties for sale
  Properties for sale consisting of immovable and movable assets are stated at the lower of cost or net realisable value less estimated selling expenses of the acquisition assets. Where the carrying value of properties for sale incurred impairment, the Group will recognise the provision for impairment of properties for sale in total.
  The Group will recognise gain (loss) on sales of properties for sale as income or expenses in the whole amount in accordance with the notifications of the Bank of Thailand.
8. Premises, equipment and depreciation
  Land and buildings comprise mainly office buildings and are shown at fair value based on every 5 years valuations by external independent valuers, less subsequent depreciation for buildings. All other equipment is stated at cost less accumulated depreciation.
  Increases in the carrying amount arising on revaluation of land and building are credited to statement of comprehensive income and shown as gain on asset revaluation in shareholders' equity. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against gain on asset revaluation directly in equity; all other decreases are charged to profit or loss. Each year, the difference between depreciation based on the revalued carrying amount of the asset and depreciation based on the asset's original cost is transferred from 'gain on asset revaluation' to retained earnings.
  Land is not depreciated. Depreciation on other assets is calculated using the straight line method to allocate their cost
  (and the revalued amount) to their residual values over their estimated useful lives, as follows:
  Buildings 20 - 50 years
  Buildings Improvement 5 years
  Vehicle and equipment 5 years
  At the end of each reporting year, the assets' residual values and useful lives are reviewed, and adjusted if appropriate.
  The asset's carrying amount is written-down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount (note 2.12 to the interim financial statements ).
9. Right-of-use assets
  The Group has leases which the rental contract are typically made for fixed years of 1 to 15 years but may have extension options. Leases are recognised as a right-of-use asset and a lease liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease year so as to produce a constant yearic rate of interest on the remaining balance of the liability for each year. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.
  Right of use assets and lease liabilities are initially measured on a present value of rental payment which consist of:
  - fixed payments, less any lease incentives receivable
  - variable lease payment that are based on an index or a rate
  - amounts expected to be payable by the lessee under residual value guarantees
  - the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and
  - payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
    The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee's incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.
    Right-of-use assets are measured at cost comprising the following:
  - the amount of the initial measurement of lease liability
  - any lease payments made at or before the commencement date less any lease incentives received
  - any initial direct costs, and
  - restoration costs.
  Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise of space for board and money exchange office.
10. Intangible assets
  Computer software
  Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortised over their estimated useful lives of 5 years and 10 years.
  Costs associated with maintaining computer software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of Identifiable and unique software products controlled by the Group are recognised as intangible assets when the following criteria are met:
  - It is technically feasible to complete the software product so that it will be available for use or sale;
  - Management intends to complete the software product and use or sell it;
  - There is an ability to use or sell the software product;
  - It can be demonstrated how the software product will generate probable future economic benefits;
  - Adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and
  - The expenditure attributable to the software product during its development can be reliably measured.
11. Impairment of assets
  Assets that have an indefinite useful life, for example goodwill, are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the carrying amount of the assets exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest level for which there are separately identifiable cash flows. Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date.
12. Foreign currency translation
  1. Functional and presentation currency
    Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The consolidated financial statements are presented in Thai Baht, which is the Group's functional and presentation currency.
  2. Transactions and balances
    Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in gains on financial instruments measured at fair value through profit or loss .
    When a gain or loss on a non-monetary item is recognised in other comprehensive income, any exchange component of that gain or loss is recognised in other comprehensive income. Conversely, when a gain or loss on a non-monetary item is recognised in profit and loss, any exchange component of that gain or loss is recognised in profit and loss.
13. Derivatives and hedging activities
  1. Derivatives that do not qualify for hedge accounting
    Derivatives that do not qualify for hedge accounting is initially recognised at fair value. Changes in the fair value are included in gains or losses on financial instruments measured at fair value through profit or loss.
  2. Hedge accounting
    Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting year. The Group designates certain derivatives as either:
    - hedges of the fair value of i) recognised assets or liabilities or ii) unrecognised firm commitments
      (fair value hedges)
    - hedges of a particular risk associated with the cash flows of i) recognised assets and liabilities and ii) highly probable forecast transactions (cash flow hedges); or
      At inception of the hedge relationship, the Group documents i) the economic relationship between hedging instruments and hedged items including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items and ii) its risk management objective and strategy for undertaking its hedge transactions.
      The fair values of derivative financial instruments designated in hedge relationships and movements in the hedging reserve in shareholders' equity are shown in note 8.
      Hedge effectiveness
      Hedge effectiveness is determined at the inception of the hedge relationship, and through yearic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument.
      The Group enters into interest rate swaps that have similar critical terms as the hedged item, such as reference rate, reset dates, payment dates, maturities and notional amount. The Group does not hedge 100% of its loans, therefore the hedged item is identified as a proportion of the outstanding loans up to the notional amount of the swaps. As all critical terms matched during the year, there is an economic relationship.
      Hedge ineffectiveness for interest rate swaps is assessed using the same principles as for hedges of foreign currency purchases. It may occur due to:
      - the credit value/debit value adjustment on the interest rate swaps which is not matched by the loan, and
      - differences in critical terms between the interest rate swaps and loans.
      Cash flow hedges that qualify for hedge accounting
      The effective portion of changes in the fair value of derivatives that are designated and qualified as cash flow hedges is recognised in the gains on fair value of hedging instruments for cash flow hedges within equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within gains on financial instruments measured at fair value through profit or loss.
      The Group reclassified particular accumulated hedge amounts in equity to profit or loss in the same years as the hedged item affects profit or loss. The gain or loss relating to the effective portion of the interest rate swaps hedging floating rate loan, credit link debentures, credit link notes, and subordinated debentures is recognised in profit or loss within interest income or interest expense at the same time as the interest income or interest expense on the hedged item.
14. Embedded derivatives
  The Group records embedded derivatives in compliance with the Bank of Thailand's Notification as follows:
  1. If the economic characteristics and risks of an embedded derivative are not closely related to the economic characteristic and risk of host contract, the Group will separately account the embedded derivative from the host contract and measure the embedded derivative at fair value including a gain/loss in the statements of comprehensive income. The host contract will be accounted for under the related accounting standards. In case of the Group is unable to measure the embedded derivative separately, the Group will designate the entire hybrid contract as at fair value (based on arranger's price) included in the statements of comprehensive income.
  2. If the economic characteristics and risks of an embedded derivative are closely related to the economic characteristics and risks of the host contract, the Group will not separately account the embedded derivative from the host contract and classify the host contract under the related accounting standards.
15. Financial liabilities measured at fair value
  Financial liabilites at fair value are recognised at fair value and derecognised when extinguished.
  Measurement is initially at fair value, Day 1 Profit from fair value will be amortised as income using straight-line method until maturity or at early termination. Changes in the fair value of financial liabilities, measured at fair value through profit or loss, are recognised in the statements of comprehensive income as gain or loss on financial liabilities measured at fair value through profit loss. Except the portion of the fair value change due to own credit would be recognised in other comprehensive income. When matured, the fair value changes due to own credit are transferred to retained earnings.
16. Borrowings
  Borrowings are initially recognised at the fair value, less transaction costs incurred.
  Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent that there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the year of the facility to which it relates.
17. Employee benefits and pension fund
  Defined contribution plan
  The Group operates a provident fund that is a defined contribution plan, the assets of which are held in a separate trust fund managed by external fund manager. The provident fund is funded by payments from employees and by the Group. Contributions to the provident fund are charged to the statements of comprehensive income in the year to which they relate.
  Defined benefit plan
  The Group has a policy to pay post-employment benefits to employees under the labour law applicable in Thailand.
  The Group set provisions for employee benefits which comprises post-employment benefits under the labour law applicable in Thailand and pension fund.
  The provision in respect of employee's benefits is measured, using the projected unit credit method which is calculated by an independent actuary in accordance with the actuarial technique. The present value of the defined benefit obligation is determined by discounting estimated future cash flows using yield on the government bonds which have terms to maturity approximating the terms of related liability. The estimated future cash flows shall reflect employee salaries, turnover rate, mortality, length of service and others. Actuarial gains and losses arise from experience adjustments and changes in actuarial assumptions. Actuarial gains and losses are charged or credited to equity in other comprehensive income in the year in which they arise. They are included in retained earnings in the statements of changes in equity / presented as a separate item in statements of changes in equity.
18. Share-based payment
  The Group receives services from employees as consideration for equity instruments of CIMB Group Holding Berhad, which is listed on the stock exchange of Malaysia. The Group has established share-based payment plans for their employees, cosisting of two plans:
  Long-term Incentive Plan (LTIP)
  LTIP is considered as equity-settled share-based payment transaction, measured at fair value on the grant date. The fair value determined on the grant date is recognized as an expense over the vesting period. The Group reviews the number of options that are expected to vest. It recognises the impact of the revision, if any, in profit or loss with a corresponding adjustment to equity. Additionally, the Group has a recharge agreement with CIMB Group Holdings Berhad, under which the Group is required to repay the market value on the grant date as well as subsequent movements in fair value of those awards at the time of delivery to its employees.
  Equity Ownership Plan (EOP)
  At the grant date, the Group records advance payment transaction in equity for the whole amount with fair value refers to market price on the same day of the ordinary shares of CIMB Group Holdings Berhad multiplies with the number of shares granted to the employees. The Group paid the amount to the related company in Malaysia which will purchase, own the shares until the transfer date on behalf of the Bank and other companies in the Group. At the end of each reporting year, the Group recorded share base payment reserve as the proportion of time of the vesting period in equity.
19. Segment reporting

Operating segments are presented in respect of the Group's business segments and reported to the chief operating decision-maker. The chief operating decision-maker is the person or group that allocates resources to and assesses the performance of the operating segments of an entity. The Group has determined the Management Committee as its chief operating decision-maker.