RAM Affirms CIMB Thai's AA2 Ratings Reflecting Support From HQ
RAM Affirms CIMB Thai's AA2 Ratings Reflecting Support From HQ
CIMB Thai's return on assets has ranged between 0.4%-0.8% over the past five years, weighed down by its elevated cost structure. Its cost-to-income ratio stayed high at 57.8% in FY Dec 2023 (FY Dec 2022: 56.7%). In FY Dec 2023 and 1H FY Dec 2024, profitability was further squeezed by heftier provisions and notable RAM Ratings has affirmed CIMB Thai Bank Public Company Limited's (CIMB Thai or the Bank) AA2/Stable/P1 financial institution ratings and the AA3/Stable rating of its RM2 bil Tier-2 Subordinated Debt Programme (2014/2044).
RAM评级确认了CIMB泰国银行公众有限公司（CIMB泰国或银行）的AA2 / 稳定 / P1金融机构评级以及其20亿令吉二级次级债务计划（2014/2044）的AA3 / 稳定评级。
The ratings it said reflect the expectation of continued support from CIMB Thai's immediate parent, CIMB Bank Berhad (rated AAA/Stable/P1), when needed given the Bank's strategic role in CIMB Group Holdings Berhad's (the Group) ASEAN-focused strategy.
该评级反映了预计CIMB泰国的直接母公司CIMB银行有限公司（评级AAA / 稳定 / P1）将在需要时继续支持CIMB泰国，考虑到银行在CIMB集团控股有限公司（集团）的东盟战略中的战略角色。
CIMB Thai's gross impaired loan (GIL) ratio eased to 3.0% as at end-June 2024 (end-December 2022: 3.3%) (Thai banking industry: 2.8%), but largely due to the impact of sizeable impaired loan disposals in 2Q 2024. Challenges in the Thai auto market, including a decline in used car prices and weakened borrower debt repayment ability amid a sluggish economy, have led to increased impairments in the Bank's auto hire purchase receivables. This surge, coupled with higher management overlays, pushed CIMB Thai's credit cost ratio to 1.4% in FY Dec 2023 and 1.1% in 1H FY Dec 2024 (annualised) (FY Dec 2022: 0.8%).
CIMB泰国的不良贷款（GIL）比率截至2024年6月底降至3.0％（2022年12月底：3.3％）（泰国银行业：2.8％），这主要是由于2024年第二季度大规模的不良贷款处置的影响。泰国汽车市场的挑战，包括二手车价格下降和困弱借款人在经济疲软环境中还款能力下降，导致了该银行汽车融资购买应收账款的增加。这种激增加上更高的管理覆盖，使CIMB泰国的信贷成本比率在2023财年达到1.4％，在2024年年初财年达到1.1％（年化）（2022财年12月：0.8％）。
CIMB Thai's return on assets has ranged between 0.4%-0.8% over the past five years, weighed down by its elevated cost structure. Its cost-to-income ratio stayed high at 57.8% in FY Dec 2023 (FY Dec 2022: 56.7%). In FY Dec 2023 and 1H FY Dec 2024, profitability was further squeezed by heftier provisions and notable margin compression. We expect near-term earnings upside to be limited as loan impairment charges remain lofty this year.
在过去的五年中，CIMB泰国的资产回报率在0.4％-0.8％之间波动，受到其高昂的成本结构的拖累。其成本收入比率在2023财年继续高达57.8％（2022财年12月：56.7％）。在2023财年和2024年上半财年，盈利能力进一步受到较高的损失准备金和明显的净利差压缩的挤压。我们预计，由于今年的贷款损失准备金仍然较高，短期内的盈利上升空间将受到限制。
As at end-June 2024, CIMB Thai's common equity tier-1 capital ratio fell slightly to 15.5% (end-December 2022: 16.2%) (industry: 16.1%) but still robust. This, combined with its strengthened loan-loss coverage, provides a strong buffer to withstand lingering asset quality pressures. As at end-June 2024, the Bank's GIL coverage ratio stood at a higher 132.6% (end-December 2022: 113.8%).
截至2024年6月底，CIMB泰国的普通股一级资本充足率略有下降，为15.5％（2022年12月底：16.2％）（行业：16.1％），但仍然强劲。这与其加强的贷款损失准备金覆盖相结合，为应对持续的资产质量压力提供了坚实的缓冲。截至2024年6月底，该银行的GIL覆盖比率达到132.6％（2022年12月底：113.8％）。
