Bangkok--19 Jul--TMB Bank
TMB Bank Public Company Limited (TMB) today reports the Bank and its subsidiaries achieved targeted financial results for 2Q2011, with a consolidated net profit of THB1,195 million, an increase of 9% from the previous quarter or 38% from 2Q2010.
For 1H2011, TMB recorded a total net profit of THB2,294.79 million.
Mr. Boontuck Wungcharoen, TMB CEO, said “The results reflect TMB’s firm and steady strategy for sustainable growth. TMB’s focus is on developing products and services that improves the financial well-being of our customers by enabling them to meet their financial goals.”
In 2Q2011, TMB’s net interest margin (NIM) rose to 2.45% compared to 2.21% in 1Q2011. Fee income continued to grow with an increase of 4% compared to 1Q2011 or 16% compared to 2Q2010. Total deposits went up by 9% from the end of 2010 due mainly to the launch of “TMB No Fixed” product that was invented to serve customers’ growing needs for both high interest rates as well as flexibility to withdraw money as needed while maintaining interest rate benefits. The product became an instant hit with customers immediately after it was launched. The achievement also demonstrates TMB’s commitment to strengthening the effectiveness of its service channels that will provide customers with greater accessibility and convenience to transact on their banking needs.
Performing loans from Wholesale, SME and Retail segments increased by 6% from the end of 2010. The Bank’s asset quality continues to improve as planned, with NPLs decreasing by THB1,927 million to THB30,022 million. At the end of 2Q2011, the NPL ratio of the Bank was 6.0% compared to 6.96% at the end of 1Q2011 and 7.7% at the end of 2010. The NPLs of the Bank’s consolidated financial statements were 6.5% compared to 7.5% at the end of 1Q2011 and 8.3% at the end of 2010. The Bank aims to achieve greater results when it comes to improving asset quality for the rest of the year.
At the end of 2Q2011, the Bank maintained a strong capital base with a comfortable capital adequacy ratio of 16.8%; 11.6% of which is Tier 1.
Mr. Boontuck added that TMB will continue to focus on strengthening with quality growth during the second half of 2011 by fulfilling customers’ unserved needs — in all segments — with right solutions that are designed to improve quality of life and help individuals and companies achieve their financial goals more effectively. All service channels, including branches, ATMs and online, have been upgraded in terms of service quality, visibility and accessibility that will provide customers with an improved experience when using TMB products and services.