TMB Bank announces goodwill written-off in half fiscal year 2007 audited financial results
TMB Bank Public Company Limited (TMB) today announced that the audited financial results for its first half of fiscal year 2007 were impacted by a non-cash impairment charge of Bt12.24 billion to write off goodwill arising from the merger with The Industrial Finance Corporation of Thailand (IFCT) and DBS Thai Danu Bank.
TMB, in consultation with an independent financial advisor, has reassessed the carrying value of goodwill to determine the future economic benefits of the goodwill.
Based on this result of this reassessment, the goodwill of Bt12.24 billion was written off in the first half of 2007. Such impairment charge will not impact the Bank’s capital adequacy level given its non-cash nature and exclusion from capital adequacy calculation.