TMB Bank profit skyrockets 179% to $170.27m in Q3

A huge one-off gain powered earnings through the roof.

TMB Bank extended its upward earnings trend after reporting a 179% YoY increase in profit which hit $170.27m (BT5.6b) in Q3 amidst massive one-off gains of $358.77m (BT11.8b), according to UOB Kay Hian, but booked a disappointing performance across most segments.

The gains were derived from the $231,07m (BT7.6b) sale of an asset management subsidiary and BT4.2b from an accounting adjustment.

Beyond these one-off gains, however, non-II remained weak with net fees crashing 24% on the back of lower mutual funds and bancassurance fees.

Operating profit before provisions also fell 7% dragged by poor operating income. Net interest income also dipped 1% YoY as the bank's strong lending levels skewed towards low-yielding housing loans.

NPL balance also jumped 18% QoQ to $635.45m (BT20.9b), or equivalent to 2.7% of total loans from 2.37% in Q2.

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