TMBThanachart Bank Public Company Limited Figure 5: Non-interest expenses (THB million) FY2021 FY2020 YoY (%) Employee expenses 16,480 17,142 -3.9% Directors’ remuneration 74 66 10.9% Premises and equipment expenses 5,622 6,171 -8.9% Taxes and duties 1,573 1,799 -12.5% Other expenses 7,470 6,999 6.7% Non-interest expenses 31,219 32,177 -3.0% Note: Consolidated financial statements At the end of 2021, total non-interest expenses of the Bank and its subsidiaries was THB31,219 million, a decrease of 3.0% from last year, due to; • Employee expenses fell by 3.9% YoY to THB16,480 million. Lower employee expense was due to high base from voluntary ER program in 2020. • Premises and equipment expenses declined by 8.9% YoY to THB5,622 million. • Other expenses rose by 6.7% YoY to THB7,470 million, due owing to marketing expenses, collection expenses and subrogation expenses. Cost to income ratio for the year 2021 was 48%, compared with 46% in the same period last year. If excluded reclassification, C/I ratio equaled to 47%. Nonetheless, the strong cost discipline and cost-savings helped self-fund integration costs and maintain level of C/I ratio within the target against the pressure on income side. Note: Consolidated financial statements FY2019 FY2020 FY2021 46% 51% 48% Figure 6: Cost to income ratio 132
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