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Annual Report 2019 Vision CTHAI

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Annual Report 2019 Vision CTHAI Business Strategy / Operating Model / Culture Annual Report 2019 Vision CTHAI: “To be Thailand’s Customer We appreciate the unique Leading ASEAN Bank needs of each individual for all stakeholders.” and organisation. By putting their needs first and delivering quality solutions, we strive to create relationships of lasting value. Teamwork We strive to deliver results by maximising our potential. We believe that true potential Mission can only be unleashed from collaboration and teamwork. “To strive towards being Honesty Thailand’s Leading ASEAN Bank We place a high value on integrity as professionals in a business where by providing innovative financial trust is essential. We are accountable products, excellent service, for both our shortcomings and successes. This mindset allows our and compelling cross border customers to entrust their business solutions through synergy with us. with CIMB Group.” ASEAN As a member of CIMB Group, we aspire to be the leading ASEAN bank in Thailand. It is through integration of our people, products and processes that we can bring the best ASEAN opportunities to our stakeholders. Corporate Value Innovation We are always looking to improve ourselves through innovation. By constantly encouraging creativity, “Core values reflect what improving capability and identifying opportunities we are able to collectively is truly important for ensure that we deliver market-leading CIMB Thai. These are not solutions to our stakeholders. values that change over time, according to situations or by persons, but rather they are the foundation of our culture, and the soul of our Bank.” Contents Financial Highlights 12 Message from the Chairman of the Board of Directors 14 Message from the President and Chief Executive Officer 16 Letter from Group Chief Executive Officer, CIMB Group 18 Board of Directors 20 Management Committee 22 Organisation Chart 24 CSR Projects and Activities 26 Anti-Corruption 30 Moving Forward to Drive ASEAN towards Sustainability 31 Thailand’s Economic Outlook 2020 34 Analysis of Financial Standing and Operating Performance 48 Risk Management Overview 57 Corporate Governance Report 66 CIMB Thai Management Structure 92 Nomination, Remuneration, and Corporate Governance Committee Report 147 Audit Committee Report 148 Report of Responsibility of the Board of Directors for Financial Statements 150 Independent Auditor’s Report 151 Consolidated And Separate Financial Statements 157 Notes to the Consolidated and Separate Financial Statements 169 CIMB Thai Branch Network 296 CIMB THAI Bank Public Company Limited 2 3 Annual Report 2019 Advancing Further and Farther CIMB Thai Bank and CIMB Group have pursued our transformation journey under the Forward23 strategy with focus on customer centricity, sustainability, going beyond banking, technology & data, and particularly our people. We are committed to exploring fresh opportunities for our customers and empowering them to overcome limitations and move forward farther than expected. This requires high morale, shared vision, financial expertise, and innovative technology, in conjunction with active collaboration of our team and network, to drive our customers’ growth further and farther towards economic advancement of Thailand and ASEAN community as a whole. CIMB THAI Bank Public Company Limited 4 5 Annual Report 2019 Easier with 24-7 Solutions The digital revolution has constantly brought about new challenges. We are ready to work alongside you and embrace changes in the digital age of the banking industry, with offering of a comprehensive suite of financial solutions that are responsive to your lifestyle choices and easily accessible at your fingertips. CIMB THAI Bank Public Company Limited 6 Inspired and Empowered High employee morale is the start-up of the route to business success. We realise the importance of human resource development and have consistently enhanced our employees’ knowledge and expertise, in parallel to inspiring and motivating them to work productively and generate satisfactory results. They can then take pride in their job duties and this will help build a strong culture of employee spirit at work. 7 Annual Report 2019 CIMB THAI Bank Public Company Limited 8 9 Annual Report 2019 Connections through Strong Network CIMB Thai Bank, along with CIMB Group, offers dependable expertise in the ASEAN market. We can help you find financial products and innovations that match your needs with customer value proposition kept in mind through our ASEAN network as the gateway for you to access broader and better opportunities with confidence. CIMB THAI Bank Public Company Limited 10 11 Annual Report 2019 Self-sufficient and Sustainable Education lays solid foundations for social and national development. We are aware of how important educational development is for the strengthening of the society and local communities. Our aspiration is to take part in building the society filled with smiles of people assured of their better quality of life and environment and living in a self-sufficient and sustainable manner. CIMB THAI Bank Public Company Limited 12 Financial Hightlights Bank Only Consolidated THB Million 5,542 5,191 Pre- 4,515 Provision 3,945 Operating 2,949 Profit 1,800 2017 2018 2019 1,502 THB Million Net Profit 424 385 71 7 2017 2018 2019 - 804 385 392 350 356 296 301 THB Billion Assets 2017 2018 2019 1.07 0.77 THB / Share Share Price 0.53 2017 2018 2019 Net Profit Growth 21657.77% Bis Ratio 18.0% 13 Annual Report 2019 In THB Million Consolidated Bank Only At Year End 2017 2018 2019 2017 2018 2019 Total liabilities 267,552 318,927 353,386 264,983 315,997 350,225 Shareholders’ equity 33,052 36,922 38,521 31,324 34,380 34,925 Net interest income 10,202 10,747 10,907 7,588 7,826 7,513 Non - interest income 2,952 2,936 3,247 2,476 1,662 1,550 Total income 13,155 13,682 14,155 10,064 9,489 9,063 Basic earning per share (Baht) 0.01 0.00 0.04 0.00 -0.03 0.01 Book value per share (Baht) 1.10 1.10 1.09 Share price per share (Baht) 1.07 0.77 0.53 Bank Only Consolidated 2017 2018 2019 THB Billion Gross Loans* 205 211 219 226 231 240 * Loans excluded money market net deferred revenue THB Billion Deposits 178 177 185 185 199 199 BIS Ratio 16.6% 17.0% 18.7% 19.3% 17.4% 18.0% ROE 0.2% 1.3% -2.5% 0.0% 1.2% 4.0% ROA 0.0% 0.1% -0.2% 0.0% 0.1% 0.4% Gross NPL Ratio 4.7% 4.8% 4.3% 4.3% 4.6% 4.6% NIM 3.31% Gross Loan Growth 6.1% CIMB THAI Bank Public Company Limited 14 Dato’ Robert Cheim Dau Meng Chairman of the Board of Directors 15 Annual Report 2019 Message from the Chairman of the Board of Directors Dear Shareholders, 2019 proved to be a challenging year for both Thai and global economies in the backdrop of protracted trade tensions and a decline in domestic investment. This slowdown has prevailed alongside simmering discontent with persistent socioeconomic inequalities and the deepening climate crisis. More recently, the coronavirus outbreak will further dampen tourism and this will negatively impact Thai economy in 2020. Despite growing uncertainty in the direction of global economy, Thailand remains an attractive investment destination. Foreign direct investment (FDI) applications in the first nine months of 2019 increased 69% from a year earlier, boosted by the rollout of investment promotion packages, proactive measures to improve the country’s business ecosystem and ease of doing business. The banking industry has been facing unprecedented disruption in the face of rapidly evolving customer behaviour and competition from digital attackers. On a global scale, Thailand is ranked first for internet banking penetration, second for ownership of cryptocurrency, and third in mobile commerce, according to the Global Digital Report 2019. On the regulatory front, the Bank of Thailand has displayed a strong willingness to embrace the digital revolution, laying the foundations for standalone digital banks, as well as the issuance of a digital currency to facilitate cross border transactions in the near future. Given these external trends, it is imperative that we continue our transformation into an innovative and forward looking bank that will be at the forefront of the digital age. In 2019, CIMB Thai reported a consolidated net profit of THB 1,501.6 million, a 216-time increase from the previous year, and the highest ever profit recorded by the Bank. This was driven by a reduction in provisions by 47.7% and an increase in operating income of 3.5%. The Bank’s capital position remains strong, with BIS and Tier-1 capital ratios of 18% and 13% respectively, both well above the regulatory standard and internal capital targets. In addition to delivering solid financial performance, our key focus in 2019 was to build a strong foundation for the Bank to further advance its transformation. The Fast Forward programme has been instrumental in embedding new proactive strategies across the organisation to enhance our product offering, streamline processes and create an agile and digital-ready work culture. In 2020, we will continue to focus on improving our customer experience with strengthened data analytics and increased use of technology. The Board will continue to fully support the Bank’s aspiration of becoming an ‘ASEAN Bank’ in Thailand with the scale of a mid-tier bank by 2023. Good governance remains at the core of our culture. Operating our business with the highest standards of transparency ensures that we can drive sustainable value creation for all our stakeholders. In line with CIMB Group policy, we will continue to steer and motivate sustainable business practices. On behalf of the Board of Directors, I would like to thank the Management Committee and all employees for their hard work and commitment throughout the past year.
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