TMB Bank profits continue to surge

TMB Bank registered a 2010 net profit of US$103.8 million or an increase by 64.6 per cent from 2009.

The improvement of net profit was mainly attributed to better core non-interest income, lower non-interest expense, and decreased provisioning. Net Interest Margin in 2010 also improved to 2.31 per cent from 2.26 per cent last year. For the fourth quarter of 2010, the bank and subsidiaries showed good earning momentum with US$26.6 million net profit, grew by 39.4 per cent from a net profit of US$19 million in the fourth quarter of 2009 and by 13.2 per cent from a net profit of  US$23.5 million in the third quarter of 2010.

The Bank’s balance sheet remains liquid with cash, interbank and short term investment representing 26.1 per cent of total earning assets. The Bank’s loan to deposit ratio was 87.9 per cent and if including short term borrowings, the ratio would be 82.7 per cent, which was remaining at a comfortable level. The Bank’s capital position is solid with the capital adequacy ratio at 16.6 per cent of which 11.4 per cent is Tier 1. The ratio is comfortably above minimum requirement by the Bank of Thailand of 8.5 per cent for CAR and 4.25 per cent for Tier 1.

“Our results and current financial status are clear evidence that TMB has become a stronger and healthy bank,” commented Mr. Boontuck Wungcharoen, TMB Bank Chief Executive Officer. “From a stronger foundation, we will continue to provide the customers with innovative value-adding financial services and products and at the same time to deliver the greatest value to stakeholders with sustainable our long-term growth.”

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Tags: annual net profit