Bangkok--16 Oct--TMB
TMB Bank reports a net profit of THB526 million for the third quarter of 2009, a 33.9% increase from the second quarter of 2009. The increase in net profit reflects the better economic environment compared with the first half of 2009 as well as the subsided impact from branch transformation project which was implemented in the first quarter of 2009. During the quarter, TMB Bank has launched the Voluntary Early Retirement Program with an aim to improve Bank’s operating efficiency and to raise Bank’s ability to compete in the market. The program resulted in a mutual participation of 1,187 employees and additional provisions for early retirement expenses of THB442 million. In the third quarter of 2009, net interest margin has picked up slightly QoQ to 2.3% and our fee income grows 9.1% from the second quarter of 2009 thanks to the better economic environment and subsided impact from branch transformation, which also helps stabilize our loan books (1.2% decline from the second quarter of 2009, a lowest decline year-to-date).
Mr.Boontuck Wungcharoen, TMB CEO, said, “We continue to maintain a strong liquidity position with a slight improvement in loan to deposit ratio of 85.9% (from 86.1% in the second quarter). Our current & saving accounts (CASA) continue to improve QoQ, now at 52.4%, a clear indicator of better deposit mix, which reflects our continued focus on “Deposit-Led Strategy”. Our asset quality has improved with slight decline in total non-performing loans (NPL) now at THB59,144 million (vs. THB59,884 as of June 2009). The improvement in asset quality has reflected bank’s efforts in upgrading the risk management frameworks since late 2008. Our capital adequacy ratio is now at 16.2% comfortably above the Bank of Thailand’s minimum requirement”
TMB Bank Public Company Limited
Founded on 8 November 1957, TMB Bank Pcl. operates a commercial banking business under a license granted by the Ministry of Finance, and with consent given by the Bank of Thailand. It also operates a securities business licensed by the Ministry of Finance and agreed to by the Securities Exchange Commission.
TMB aims to respond to the needs of its clients through its 486 branch network, 103 foreign exchange centers, 2,152 ATMs, as well as electronics banking systems. Its business encompasses commercial banking, offshore banking, investment banking, and other businesses as permitted by the regulatory authorities, including acting as an insurance agent for its alliance insurance companies.
Listed on the Stock Exchange of Thailand, TMB is the sixth largest bank, by total assets, in Thailand. As at 30 June 2009, its total assets are valued at THB 568,744 million.
www.tmbbank.com
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