CIMB THAI BANK PUBLIC COMPANY LIMITED
INTERIM CONSOLIDATED AND SEPARATE FINANCIAL INFORMATION (UNAUDITED)
30 SEPTEMBER 2023
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 2023, 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.
Emphasis of matter
I draw attention to note 2 of the interim financial information, which describes the accounting policies in relation to adopting the accounting guidance announced by the Federation of Accounting Professions to temporary relief measures for entities assisting debtors affected by the COVID-19 pandemic for the reporting periods ending between 1 January 2022 and 31 December 2023. My conclusion is not modified in respect to this matter.
PricewaterhouseCoopers ABAS Ltd.
Boonlert Kamolchanokkul
Certified Public Accountant (Thailand) No. 5339
Bangkok
13 November 2023
CIMB Thai Bank Public Company Limited
Statement of Financial Position
As at 30 September 2023
Consolidated | Separate | ||||||||
(Unaudited) | (Unaudited) | ||||||||
30 September | 31 December | 30 September | 31 December | ||||||
2023 | 2022 | 2023 | 2022 | ||||||
Notes | Thousand Baht | Thousand Baht | Thousand Baht | Thousand Baht | |||||
Assets | |||||||||
Cash | 915,635 | 920,305 | 915,260 | 919,880 | |||||
Interbank and money market items, net | 6 | 18,465,339 | 20,715,248 | 18,175,563 | 20,411,313 | ||||
Financial assets measured at fair value | |||||||||
through profit or loss | 7 | 44,874,678 | 22,363,070 | 44,874,678 | 22,363,070 | ||||
Derivative assets | 8 | 103,539,551 | 80,283,644 | 103,539,551 | 80,283,644 | ||||
Investments, net | 9 | 81,486,707 | 105,075,842 | 81,484,707 | 105,073,842 | ||||
Investments in subsidiaries, net | 10 | - | - | 2,895,421 | 2,895,421 | ||||
Loans and accrued interest receivables, net | 11, 12 | 246,029,079 | 231,840,361 | 241,061,854 | 226,407,600 | ||||
Properties for sale, net | 1,381,703 | 1,253,001 | 979,311 | 1,004,701 | |||||
Premises and equipment, net | 3,467,376 | 3,602,925 | 3,314,608 | 3,511,562 | |||||
Right of use assets, net | 205,957 | 187,034 | 169,786 | 142,206 | |||||
Intangible assets, net | 987,458 | 957,002 | 958,464 | 920,665 | |||||
Deferred tax assets | 2,381,091 | 1,700,764 | 1,713,112 | 1,092,531 | |||||
Credit support assets on derivatives | 29,980,984 | 16,240,924 | 29,980,984 | 16,240,924 | |||||
Accounts receivable from sell of financial assets | |||||||||
measured at fair value through profit or loss | |||||||||
and investments | 4,599,894 | 9,039,871 | 4,599,894 | 9,039,871 | |||||
Other assets, net | 2,212,088 | 1,605,402 | 2,048,834 | 1,421,820 | |||||
Total assets | 540,527,540 | 495,785,393 | 536,712,027 | 491,729,050 |
Director_______________________________________ Director ________________________________________
The notes to interim financial information are an integral part of this interim financial information.
2
CIMB Thai Bank Public Company Limited
Statement of Financial Position (Cont'd)
As at 30 September 2023
Consolidated | Separate | ||||||||
(Unaudited) | (Unaudited) | ||||||||
30 September | 31 December | 30 September | 31 December | ||||||
2023 | 2022 | 2023 | 2022 | ||||||
Notes | Thousand Baht | Thousand Baht | Thousand Baht | Thousand Baht | |||||
Liabilities and equity | |||||||||
Liabilities | |||||||||
Deposits | 248,293,071 | 236,693,732 | 248,941,325 | 237,433,715 | |||||
Interbank and money market items | 55,368,840 | 46,907,042 | 55,368,840 | 46,907,042 | |||||
Liability payable on demand | 418,839 | 172,177 | 418,839 | 172,177 | |||||
Financial liabilities measured at fair value | |||||||||
through profit or loss | 13 | 19,391,913 | 21,161,404 | 19,391,913 | 21,161,404 | ||||
Derivative liabilities | 8 | 100,468,300 | 76,846,975 | 100,468,300 | 76,846,975 | ||||
Debt issued and borrowings | 14 | 25,592,406 | 20,819,957 | 25,592,406 | 20,819,957 | ||||
Lease liabilities | 210,449 | 191,431 | 173,778 | 146,095 | |||||
Provisions | 15 | 2,228,869 | 2,284,783 | 2,105,282 | 2,154,658 | ||||
Credit support liabilities on derivatives | 31,623,058 | 29,708,018 | 31,623,058 | 29,708,018 | |||||
Accounts payable from purchase of financial | |||||||||
assets measured at fair value through | |||||||||
profit or loss and investments | 5,504,446 | 10,567,031 | 5,504,446 | 10,567,031 | |||||
Other liabilities | 4,706,327 | 4,582,923 | 4,161,370 | 3,902,074 | |||||
Total liabilities | 493,806,518 | 449,935,473 | 493,749,557 | 449,819,146 | |||||
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 | 413,619 | 923,238 | 430,217 | 939,836 | |||||
Accretion of equity interests in subsidiary | (42,754) | (42,754) | - | - | |||||
Retained earnings | |||||||||
Appropriated - statutory reserve | 18 | 791,601 | 684,201 | 791,601 | 684,201 | ||||
Unappropriated | 18,001,459 | 16,728,138 | 14,183,555 | 12,728,770 | |||||
Total equity | 46,721,022 | 45,849,920 | 42,962,470 | 41,909,904 | |||||
Total liabilities and equity | 540,527,540 | 495,785,393 | 536,712,027 | 491,729,050 | |||||
The notes to interim financial information are an integral part of this interim financial information.
3
CIMB Thai Bank Public Company Limited
Statement of Comprehensive Income (Unaudited)
For the three-month period ended 30 September 2023
Consolidated | Separate | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Thousand Baht | Thousand Baht | Thousand Baht | Thousand Baht | ||||
Interest income | 4,284,790 | 3,269,862 | 3,675,440 | 2,590,251 | |||
Interest expenses | (1,808,644) | (854,014) | (1,808,457) | (853,784) | |||
Net interest income | 2,476,146 | 2,415,848 | 1,866,983 | 1,736,467 | |||
Fees and service income | 425,774 | 445,330 | 283,552 | 292,972 | |||
Fees and service expenses | (156,304) | (146,641) | (87,129) | (83,203) | |||
Net fees and service income | 269,470 | 298,689 | 196,423 | 209,769 | |||
(Losses) gains on financial instruments measured | |||||||
at fair value through profit or loss, net | (64,057) | 535,641 | (64,057) | 535,641 | |||
Gains on investments, net | 193,882 | 33,501 | 193,882 | 36,793 | |||
Gains on sale of non-performing loans | 173 | 2,348 | - | 2,348 | |||
Other operating income | 289,735 | 317,652 | 220,676 | 244,516 | |||
Total operating income | 3,165,349 | 3,603,679 | 2,413,907 | 2,765,534 | |||
Other operating expenses | |||||||
Employee expenses | 1,068,639 | 1,021,109 | 917,751 | 861,553 | |||
Directors' remuneration | 3,472 | 5,046 | 3,472 | 4,530 | |||
Premises and equipment expenses | 234,106 | 242,057 | 195,198 | 195,305 | |||
Taxes and duties | 111,652 | 75,952 | 111,092 | 75,560 | |||
Others | 781,765 | 598,001 | 327,280 | 335,130 | |||
Total other operating expenses | 2,199,634 | 1,942,165 | 1,554,793 | 1,472,078 | |||
Expected credit losses | 502,481 | 775,767 | 142,967 | 503,174 | |||
Profit before income tax expenses | 463,234 | 885,747 | 716,147 | 790,282 | |||
Income tax expenses | (95,818) | (189,775) | (146,113) | (170,056) | |||
Net profit for the period | 367,416 | 695,972 | 570,034 | 620,226 | |||
The notes to interim financial information are an integral part of this interim financial information.
4
CIMB Thai Bank Public Company Limited
Statement of Comprehensive Income (Unaudited) (Cont'd)
For the three-month period ended 30 September 2023
Consolidated | Separate | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Thousand Baht | Thousand Baht | Thousand Baht | Thousand Baht | ||||
Other comprehensive expenses | |||||||
Items that will be reclassified | |||||||
subsequently to profit or loss | |||||||
(Losses) gains on investments in debt instruments | |||||||
measured at fair value through other | |||||||
comprehensive income | (868,481) | 36,623 | (868,481) | 36,623 | |||
Losses on fair value of hedging instruments | |||||||
for cash flow hedges | (7,566) | (135,237) | (7,566) | (135,237) | |||
Gains arising from translating | |||||||
the financial statement of a foreign operation | - | 276 | - | 276 | |||
Reclassification exchange differences on | |||||||
translation of discontinued operation to profit or loss | - | - | - | - | |||
Income tax relating to items that will be | |||||||
reclassified subsequently to profit or loss | 175,495 | (95,749) | 175,495 | (95,749) | |||
Total items that will be reclassified | (700,552) | (194,087) | (700,552) | (194,087) | |||
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 | (4,399) | (2,379) | (4,399) | (2,379) | |||
Gains (losses) on financial liabilities designated at | |||||||
fair value relating to own credit risk | 77,511 | (42,626) | 77,511 | (42,626) | |||
Remeasurements of post-employment | |||||||
benefit obligations | - | - | - | - | |||
Income tax relating to items that will not be | |||||||
reclassified subsequently to profit or loss | (15,354) | (338) | (15,354) | (338) | |||
Total items that will not be reclassified | |||||||
subsequently to profit or loss | 57,758 | (45,343) | 57,758 | (45,343) | |||
Total other comprehensive expenses | (642,794) | (239,430) | (642,794) | (239,430) | |||
Total comprehensive (expenses) income | |||||||
for the period | (275,378) | 456,542 | (72,760) | 380,796 |
The notes to interim financial information are an integral part of this interim financial information.
5
CIMB Thai Bank Public Company Limited
Statement of Comprehensive Income (Unaudited) (Cont'd)
For the three-month period ended 30 September 2023
Consolidated | Separate | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Thousand Baht | Thousand Baht | Thousand Baht | Thousand Baht | ||||
Net profit attributable to: | |||||||
Shareholders of the Bank | 367,416 | 695,972 | 570,034 | 620,226 | |||
Non-controlling interests | - | - | - | - | |||
367,416 | 695,972 | 570,034 | 620,226 | ||||
Total comprehensive (expenses) income | |||||||
attributable to: | |||||||
Shareholders of the Bank | (275,378) | 456,542 | (72,760) | 380,796 | |||
Non-controlling interests | - | - | - | - | |||
(275,378) | 456,542 | (72,760) | 380,796 | ||||
Earnings per share for profit attributable | |||||||
to the shareholders of the Bank | |||||||
Basic earnings per share (Baht per share) | 0.01 | 0.02 | 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.
6
CIMB Thai Bank Public Company Limited
Statement of Comprehensive Income (Unaudited)
For the nine-month period ended 30 September 2023
Consolidated | Separate | ||||||||
2023 | 2022 | 2023 | 2022 | ||||||
Notes | Thousand Baht | Thousand Baht | Thousand Baht | Thousand Baht | |||||
Interest income | 20 | 12,124,281 | 9,199,744 | 10,307,709 | 7,089,798 | ||||
Interest expenses | 21 | (4,769,039) | (2,119,224) | (4,768,424) | (2,118,606) | ||||
Net interest income | 7,355,242 | 7,080,520 | 5,539,285 | 4,971,192 | |||||
Fees and service income | 1,391,571 | 1,589,687 | 910,289 | 896,318 | |||||
Fees and service expenses | (456,588) | (441,581) | (259,300) | (275,581) | |||||
Net fees and service income | 22 | 934,983 | 1,148,106 | 650,989 | 620,737 | ||||
Gains on financial instruments measured | |||||||||
at fair value through profit or loss, net | 23 | 345,309 | 2,184,760 | 345,309 | 2,184,760 | ||||
Gains (losses) on investments, net | 24 | 465,781 | (839,641) | 465,781 | (836,349) | ||||
Gains on sale of non-performing loans | 332,944 | 22,942 | - | 22,942 | |||||
Other operating income | 25 | 887,762 | 1,112,693 | 684,130 | 832,350 | ||||
Total operating income | 10,322,021 | 10,709,380 | 7,685,494 | 7,795,632 | |||||
Other operating expenses | |||||||||
Employee expenses | 3,190,809 | 3,271,229 | 2,749,727 | 2,762,388 | |||||
Directors' remuneration | 12,250 | 14,742 | 12,250 | 14,090 | |||||
Premises and equipment expenses | 697,673 | 681,199 | 567,827 | 546,291 | |||||
Taxes and duties | 314,245 | 224,952 | 311,339 | 222,572 | |||||
Others | 2,035,727 | 1,504,141 | 914,640 | 836,874 | |||||
Total other operating expenses | 6,250,704 | 5,696,263 | 4,555,783 | 4,382,215 | |||||
Expected credit losses | 26 | 1,879,912 | 1,485,007 | 711,974 | 717,553 | ||||
Profit before income tax expenses | 2,191,405 | 3,528,110 | 2,417,737 | 2,695,864 | |||||
Income tax expenses | 27 | (455,108) | (716,632) | (499,976) | (549,902) | ||||
Net profit for the period | 1,736,297 | 2,811,478 | 1,917,761 | 2,145,962 | |||||
The notes to interim financial information are an integral part of this interim financial information.
7
CIMB Thai Bank Public Company Limited
Statement of Comprehensive Income (Unaudited) (Cont'd)
For the nine-month period ended 30 September 2023
Consolidated | Separate | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Thousand Baht | Thousand Baht | Thousand Baht | Thousand Baht | ||||
Other comprehensive expenses | |||||||
Items that will be reclassified | |||||||
subsequently to profit or loss | |||||||
Losses on investments in debt instruments | |||||||
measured at fair value through other | |||||||
comprehensive income | (1,034,668) | (1,279,644) | (1,034,668) | (1,279,644) | |||
Gains (losses) on fair value of hedging instruments | |||||||
for cash flow hedges | 133,066 | (119,349) | 133,066 | (119,349) | |||
Gains (losses)arising from translating | |||||||
the financial statement of a foreign operation | 47 | (18,892) | 47 | (18,892) | |||
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 | 180,744 | 280,183 | 180,744 | 280,183 | |||
Total items that will be reclassified | (665,598) | (1,137,702) | (665,598) | (1,137,702) | |||
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 | (8,945) | (8,154) | (8,945) | (8,154) | |||
Gains (losses) on financial liabilities designated at | |||||||
fair value relating to own credit risk | 102,493 | (71,144) | 102,493 | (71,144) | |||
Remeasurements of post-employment | |||||||
benefit obligations | (414) | - | (414) | - | |||
Income tax relating to items that will not be | |||||||
reclassified subsequently to profit or loss | 107,725 | 34 | 107,725 | 34 | |||
Total items that will not be reclassified | |||||||
subsequently to profit or loss | 200,859 | (79,264) | 200,859 | (79,264) | |||
Total other comprehensive expenses | (464,739) | (1,216,966) | (464,739) | (1,216,966) | |||
Total comprehensive income | |||||||
for the period | 1,271,558 | 1,594,512 | 1,453,022 | 928,996 | |||
The notes to interim financial information are an integral part of this interim financial information.
8
CIMB Thai Bank Public Company Limited
Statement of Comprehensive Income (Unaudited) (Cont'd)
For the nine-month period ended 30 September 2023
Consolidated | Separate | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Thousand Baht | Thousand Baht | Thousand Baht | Thousand Baht | ||||
Net profit attributable to: | |||||||
Shareholders of the Bank | 1,736,297 | 2,811,478 | 1,917,761 | 2,145,962 | |||
Non-controlling interests | - | - | - | - | |||
1,736,297 | 2,811,478 | 1,917,761 | 2,145,962 | ||||
Total comprehensive income | |||||||
attributable to: | |||||||
Shareholders of the Bank | 1,271,558 | 1,594,512 | 1,453,022 | 928,996 | |||
Non-controlling interests | - | - | - | - | |||
1,271,558 | 1,594,512 | 1,453,022 | 928,996 | ||||
Earnings per share for profit attributable | |||||||
to the shareholders of the Bank | |||||||
Basic earnings per share (Baht per share) | 0.05 | 0.08 | 0.06 | 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.
9
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CIMB Thai Bank pcl published this content on 10 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2023 14:52:09 UTC.