The country's seventh-biggest lender by assets posted a quarterly net profit of
Net interest income for the April-June quarter rose by 7.1% year-on-year to
TMB's net interest margin fell by 16 basis points from the same period last year to 2.83%, down four basis points from the previous quarter.
The provision for bad debts and doubtful accounts declined to
After the sale, the bank's bad loans fell by 10.7% from the end of March to
In the first half, TMB's net profit more than doubled to
"The bank achieved an improved performance in the second quarter by increasing revenue and controlling costs," said chief executive
"Furthermore, we managed to expand our transactional banking deposit customers. The bank has also maintained a strong financial position. Our capital adequacy ratio under the Basel III standards is 15.4%, with a Tier 1 ratio of 10.7%, which is higher than the minimum requirements of the Bank of
Panadda Tanchanchiwin, TMB's head of wealth banking, said the clearer economic picture is whetting the risk appetite of wealthy customers and stoking demand for foreign investment funds.
At TMB, wealthy customers can shop for mutual fund products managed by three firms:
TMB has run a wealth banking business for four years with an average growth rate of 20% a year. Opening an account requires a minimum of
"We will join hands with other asset management companies to sell their mutual fund products at the bank," Ms Panadda said. "We will unveil new partners and products later, and they will facilitate our wealth management business growth as well."
TMB shares closed yesterday on the SET at
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