Cimb Thai Bank Public Co. Ltd.SET: CIMBT

Financial Statements for 9 months ended 30 September 2024 (Reviewed)

Nov 13, 2024 at 10:41 AM UTC · Issued by CIMB Thai Bank Public Co. Ltd.

CIMB THAI BANK PUBLIC COMPANY LIMITED

INTERIM CONSOLIDATED AND SEPARATE FINANCIAL INFORMATION (UNAUDITED)

30 SEPTEMBER 2024

AUDITOR'S REPORT ON THE REVIEW OF THE INTERIM FINANCIAL INFORMATION

To the Shareholders and the Board of Directors of CIMB Thai Bank Public Company Limited

I have reviewed the interim consolidated financial information of CIMB Thai Bank Public Company Limited and its subsidiaries, and the interim separate financial information of CIMB Thai Bank Public Company Limited. These comprise the consolidated and separate statements of financial position as at 30 September 2024, the related consolidated and separate statements of comprehensive income for the three-month and nine-month periods then ended, and the related consolidated and separate statements of changes in equity, and cash flows for the nine-month period then ended, and the condensed notes to the interim financial information. Management is responsible for the preparation and presentation of this interim consolidated and separate financial information 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 as described in the notes to the interim financial information no. 2. My responsibility is to express a conclusion on this interim consolidated and separate financial information 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 interim financial information 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.

Conclusion

Based on my review, nothing has come to my attention that causes me to believe that the accompanying interim consolidated and separate financial information is 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 as described in the notes to the interim financial information no. 2.

PricewaterhouseCoopers ABAS Ltd.

Sakuna Yamsakul

Certified Public Accountant (Thailand) No. 4906

Bangkok

13 November 2024

CIMB Thai Bank Public Company Limited

Statement of Financial Position

As at 30 September 2024

			Consolidated	Separate

			(Unaudited)		(Audited)	(Unaudited)		(Audited)
			30 September		31 December	30 September		31 December
			2024	2023		2024	2023
	Notes	Thousand Baht		Thousand Baht	Thousand Baht		Thousand Baht
Assets

Cash			922,073	905,365		921,742	905,000
Interbank and money market items, net	6		12,614,885	7,594,159		12,478,412	7,272,401
Financial assets measured at fair value
through profit or loss	7		69,584,746	62,089,792		69,584,746	62,089,792
Derivative assets	8		96,973,203	60,285,766		96,973,203	60,285,766
Investments, net	9		110,469,144	112,778,908		109,773,653	112,776,908
Investments in subsidiaries, net	10		-	-		2,895,421	2,895,421
Loans and accrued interest receivables, net	11, 12		249,446,693	241,101,162		246,188,161	236,437,428
Properties for sale, net			1,278,620	1,386,350		1,039,846	994,477
Premises and equipment, net			3,374,350	3,469,907		3,240,762	3,320,200
Right of use assets, net			193,730	190,404		171,720	155,585
Intangible assets, net			960,866	958,851		939,791	936,095
Deferred tax assets			1,495,808	1,915,718		507,786	1,147,099
Credit support assets on derivatives			30,033,771	12,466,327		30,033,771	12,466,327
Accounts receivable from sell of financial assets
measured at fair value through profit or loss
and investments			4,550,396	2,069,146		4,550,396	2,069,146
Other assets, net			3,101,915	1,764,490		2,873,015	1,649,086
Total assets			585,000,200		508,976,345		582,172,425		505,400,731

Director_______________________________________ Director ________________________________________

The notes to interim financial information are an integral part of this interim financial information.

CIMB Thai Bank Public Company Limited

Statement of Financial Position (Cont'd)

As at 30 September 2024

			Consolidated	Separate

			(Unaudited)		(Audited)	(Unaudited)		(Audited)
			30 September		31 December	30 September		31 December
			2024	2023		2024	2023
	Notes	Thousand Baht		Thousand Baht	Thousand Baht		Thousand Baht
Liabilities and equity

Liabilities
Deposits			240,550,337	257,226,836		241,090,439	257,709,581
Interbank and money market items			113,846,797	77,266,565		113,846,797	77,266,565
Liability payable on demand			510,488	521,723		510,488	521,723
Financial liabilities measured at fair value
through profit or loss	13		15,707,416	20,107,334		15,707,416	20,107,334
Derivative liabilities	8		103,498,193	62,263,132		103,498,193	62,263,132
Debt issued and borrowings	14		14,984,289	21,634,303		14,984,289	21,634,303
Lease liabilities			198,368	194,550		176,021	159,268
Provisions	15		1,829,251	2,269,617		1,717,428	2,149,477
Credit support liabilities on derivatives			30,296,929	13,875,791		30,296,929	13,875,791
Accounts payable from purchase of financial
assets measured at fair value through
profit or loss and investments			7,320,936	1,728,024		7,320,936	1,728,024
Other liabilities			6,842,596	4,909,922		6,146,673	4,389,919
Total liabilities			535,585,600		461,997,797		535,295,609		461,805,117
Equity
Share capital	16
Registered
34,822,261,748 ordinary shares
of Baht 0.50 each			17,411,131	17,411,131		17,411,131	17,411,131
Issued and paid-up share capital
34,822,261,748 ordinary shares
of Baht 0.50 each			17,411,131	17,411,131		17,411,131	17,411,131
Premium on share capital			10,145,966	10,145,966		10,145,966	10,145,966
Other reserves			1,368,534	807,328		1,390,902	829,696
Accretion of equity interests in subsidiary			(42,754)	(42,754)		-	-
Retained earnings
Appropriated - statutory reserve	18		927,601	791,601		927,601	791,601
Unappropriated			19,604,122	17,865,276		17,001,216	14,417,220
Total equity			49,414,600		46,978,548		46,876,816		43,595,614
Total liabilities and equity			585,000,200		508,976,345		582,172,425		505,400,731

The notes to interim financial information are an integral part of this interim financial information.

CIMB Thai Bank Public Company Limited

Statement of Comprehensive Income (Unaudited)

For the three-month period ended 30 September 2024

	Consolidated	Separate

	2024	2023		2024	2023
	Thousand Baht		Thousand Baht	Thousand Baht		Thousand Baht

Interest income	4,731,325	4,284,790		4,123,920	3,675,440
Interest expenses	(2,222,175)	(1,808,644)		(2,222,092)	(1,808,457)
Net interest income	2,509,150		2,476,146		1,901,828		1,866,983
Fees and service income	525,403	425,774		420,124	283,552
Fees and service expenses	(164,205)	(156,304)		(98,694)	(87,129)
Net fees and service income	361,198		269,470		321,430		196,423
Gains (losses) on financial instruments measured
at fair value through profit or loss, net	514,640	(64,057)		514,640	(64,057)
Gains on investments, net	62,216	193,882		62,216	193,882
Gains on sale of non-performing loans	-	173		-	-
Other operating income	299,895	289,735		216,113	220,676
Total operating income	3,747,099		3,165,349		3,016,227		2,413,907
Other operating expenses
Employee expenses	1,039,595	1,068,639		913,427	917,751
Directors' remuneration	3,625	3,472		3,625	3,472
Premises and equipment expenses	246,612	234,106		212,549	195,198
Taxes and duties	119,057	111,652		118,764	111,092
Others	802,430	781,765		367,411	327,280
Total other operating expenses	2,211,319		2,199,634		1,615,776		1,554,793
Expected credit losses	791,350		502,481		368,067		142,967
Profit before income tax expenses	744,430		463,234		1,032,384		716,147
Income tax expenses	(148,762)	(95,818)		(206,279)	(146,113)
Net profit for the period	595,668		367,416		826,105		570,034

The notes to interim financial information are an integral part of this interim financial information.

CIMB Thai Bank Public Company Limited

Statement of Comprehensive Income (Unaudited) (Cont'd)

For the three-month period ended 30 September 2024

	Consolidated	Separate

	2024	2023		2024	2023
	Thousand Baht		Thousand Baht	Thousand Baht		Thousand 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	166,149	(868,481)		166,149	(868,481)
Losses on fair value of hedging instruments
for cash flow hedges	(97,303)	(7,566)		(97,303)	(7,566)
Income tax relating to items that will be
reclassified subsequently to profit or loss	(4,078)	175,495		(4,078)	175,495
Total items that will be reclassified	64,768		(700,552)		64,768		(700,552)
Items that will not be reclassified
subsequently to profit or loss
Gains (losses) on investment in equity instruments
designated at fair value through other
comprehensive income	1,338	(4,399)		1,338	(4,399)
(Losses) gains on financial liabilities designated at
fair value relating to own credit risk	(23,295)	77,511		(23,295)	77,511
Income tax relating to items that will not be
reclassified subsequently to profit or loss	(504)	(15,354)		(504)	(15,354)
Total items that will not be reclassified
subsequently to profit or loss	(22,461)	57,758		(22,461)	57,758
Total other comprehensive income (expenses)	42,307		(642,794)		42,307		(642,794)
Total comprehensive income (expenses)
for the period	637,975	(275,378)		868,412	(72,760)

The notes to interim financial information are an integral part of this interim financial information.

CIMB Thai Bank Public Company Limited

Statement of Comprehensive Income (Unaudited) (Cont'd)

For the three-month period ended 30 September 2024

	Consolidated	Separate

	2024	2023		2024	2023
	Thousand Baht		Thousand Baht	Thousand Baht		Thousand Baht
Net profit attributable to:

Shareholders of the Bank	595,668	367,416		826,105	570,034
Non-controlling interests	-	-		-	-
	595,668		367,416		826,105		570,034
Total comprehensive income (expenses)
attributable to:
Shareholders of the Bank	637,975	(275,378)		868,412	(72,760)
Non-controlling interests	-	-		-	-
	637,975		(275,378)		868,412		(72,760)
Earnings per share for profit attributable
to the shareholders of the Bank
Basic earnings per share (Baht per share)	0.02	0.01		0.02	0.02
Weighted average number of
ordinary shares (shares)	34,822,261,748	34,822,261,748		34,822,261,748	34,822,261,748

The notes to interim financial information are an integral part of this interim financial information.

CIMB Thai Bank Public Company Limited

Statement of Comprehensive Income (Unaudited)

For the nine-month period ended 30 September 2024

			Consolidated	Separate

			2024	2023		2024	2023
	Notes	Thousand Baht		Thousand Baht	Thousand Baht		Thousand Baht

Interest income	20		14,105,060	12,124,281		12,309,997	10,307,709
Interest expenses	21		(6,856,492)	(4,769,039)		(6,856,086)	(4,768,424)
Net interest income			7,248,568		7,355,242		5,453,911	5,539,285
Fees and service income			1,515,570	1,391,571		1,168,343	910,289
Fees and service expenses			(517,172)	(456,588)		(314,956)	(259,300)
Net fees and service income	22		998,398		934,983		853,387	650,989
Gains on financial instruments measured
at fair value through profit or loss, net	23		1,177,079	345,309		1,177,079	345,309
Gains on investments, net	24		360,523	465,781		360,523	465,781
Gains on sale of non-performing loans			90,218	332,944		-	-
Other operating income	25		910,715	887,762		637,438	684,130
Total operating income			10,785,501		10,322,021		8,482,338	7,685,494
Other operating expenses
Employee expenses			3,017,000	3,190,809		2,637,818	2,749,727
Directors' remuneration			10,981	12,250		10,981	12,250
Premises and equipment expenses			718,814	697,673		615,391	567,827
Taxes and duties			361,462	314,245		358,886	311,339
Others			2,466,293	2,035,727		954,298	914,640
Total other operating expenses			6,574,550		6,250,704		4,577,374	4,555,783
Expected credit losses	26		1,855,551		1,879,912		492,310	711,974
Profit before income tax expenses			2,355,400		2,191,405		3,412,654	2,417,737
Income tax expenses	27		(465,162)	(455,108)		(677,266)	(499,976)
Net profit for the period			1,890,238		1,736,297		2,735,388	1,917,761

The notes to interim financial information are an integral part of this interim financial information.

CIMB Thai Bank Public Company Limited

Statement of Comprehensive Income (Unaudited) (Cont'd)

For the nine-month period ended 30 September 2024

	Consolidated	Separate

	2024	2023		2024	2023
	Thousand Baht		Thousand Baht	Thousand Baht		Thousand 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	168,639	(1,034,668)		168,639	(1,034,668)
(Losses) gains on fair value of hedging instruments
for cash flow hedges	(19,358)	133,066		(19,358)	133,066
Gains arising from translating
the financial statement of a foreign operation	-	47		-	47
Reclassification exchange differences on
translation of discontinued operation to profit or loss	-	55,213		-	55,213
Income tax relating to items that will be
reclassified subsequently to profit or loss	(20,544)	180,744		(20,544)	180,744
Total items that will be reclassified	128,737		(665,598)		128,737		(665,598)
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	(1,554)	(8,945)		(1,554)	(8,945)
Gains on financial liabilities designated at
fair value relating to own credit risk	402,406	102,493		402,406	102,493
Remeasurements of post-employment
benefit obligations	-	(414)		-	(414)
Income tax relating to items that will not be
reclassified subsequently to profit or loss	(85,469)	107,725		(85,469)	107,725
Total items that will not be reclassified
subsequently to profit or loss	315,383	200,859		315,383	200,859
Total other comprehensive income (expenses)	444,120		(464,739)		444,120		(464,739)
Total comprehensive income
for the period	2,334,358	1,271,558		3,179,508	1,453,022

The notes to interim financial information are an integral part of this interim financial information.

CIMB Thai Bank Public Company Limited

Statement of Comprehensive Income (Unaudited) (Cont'd)

For the nine-month period ended 30 September 2024

	Consolidated	Separate

	2024	2023		2024	2023
	Thousand Baht		Thousand Baht	Thousand Baht		Thousand Baht
Net profit attributable to:

Shareholders of the Bank	1,890,238	1,736,297		2,735,388	1,917,761
Non-controlling interests	-	-		-	-
	1,890,238		1,736,297		2,735,388		1,917,761
Total comprehensive income
attributable to:
Shareholders of the Bank	2,334,358	1,271,558		3,179,508	1,453,022
Non-controlling interests	-	-		-	-
	2,334,358		1,271,558		3,179,508		1,453,022
Earnings per share for profit attributable
to the shareholders of the Bank
Basic earnings per share (Baht per share)	0.05	0.05		0.08	0.06
Weighted average number of

ordinary shares (shares)	34,822,261,748	34,822,261,748		34,822,261,748	34,822,261,748

The notes to interim financial information are an integral part of this interim financial information.