KUALA LUMPUR (April 21): CIMB Thai Bank PCL registered a net profit of 1.08 billion baht (RM145.78 million) for the first quarter ended March 31, 2020 (1QFY20), surging from the 442.09 million baht (RM59.68 million) posted in the corresponding period last year.

In a bourse filing, CIMB Thai noted that the increase was on the back of higher total operating income, which came in 16.83% higher year-on-year at 4.24 billion baht (RM572.68 million), from 3.63 billion baht (RM490.18 million).

In particular, the group noted a 145.85 billion baht (RM19.69 million) investment gain as well as 321.53 million baht (RM43.41 million) gain in other operating income.

That said, net interest income came in slightly lower at 2.830 billion baht (RM382.12 million), from 2.832 billion baht (RM382.34 million) previously.

Furthermore, total other operating expenses rose 20.46% to 2.46 billion baht (RM332.26 million), from 2.04 billion baht (RM275.82 million) in the corresponding period last year, on the back of higher employee expenses.

Deposits came in 6.68% higher at 212.35 billion baht (RM28.67 billion), from 199.03 billion baht (RM26.87 billion) in the preceding quarter ended Dec 31, 2019 (4QFY19).

CIMB Thai is a 94.83% indirectly owned subsidiary of CIMB Group Holdings Bhd.

Shares in CIMB Group Holdings were down 4.24% or 16 sen at RM3.61 a share at the noon market close, giving a market capitalisation of RM35.82 billion.