CIMB Thai Bank : Financial Statements for 9 months ended 30 September 2023 (Reviewed)

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.

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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.

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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.

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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.

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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.

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