TMB reports 38.8% rise in Q1/2011 net profit

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BANGKOK, 23 April 2011  – The Thai Military Bank (TMB) has reported a 38.8% increase in net profit worth 1.096 billion baht for the operation of the bank and its subsidiaries in the first quarter this year. 

According to TMB CEO Dr Boontuck Wungcharoen, the net profit for the first quarter this year rose by 38.8% compared with that of 790 million baht in the first quarter in 2010 and by 33.3% compared with 822 million baht earned in the previous quarter.

The increasing net profit was contributed by the rising net interest income, profits from related transaction, currency exchanges, service fees, bank fees and improving loan quality.

Total loans increased by 4.1%. Quality loans for bank only rose by 5% thanks to the growing loans among giant businesses while low quality loans reduced by 3.9%.

Non-performing loans of the bank and its subsidiaries stood at 34.682 billion baht, which accounted for 7.51% of the total loan amount. It fell from 8.26% from the total amount in the end of 2010. The TMB has targeted to reduce the amount of non-performing loans by 2% within the end of this year.