Siam Commercial Bank: SCBX REPORTS A PROFIT IN THE THIRD QUARTER


SCBX REPORTED A THIRD QUARTER PROFIT OF BAHT 10.3 BILLION AND A NINE-MONTH PROFIT OF BAHT 30.4 BILLION

bangkok: SCB X Public Company Limited (SCBX) reported consolidated net profit of 10.3 billion baht for the third quarter of 2022, up 16.9% year-on-year due to higher net interest income and a decrease in provisions. Pre-provision operating profit rose 8.2% to 22.8 billion baht. For the first nine months of 2022, net profit increased 9.7% year-on-year to 30.4 billion baht.

For the third quarter of 2022, net interest income increased 17.8% year-on-year to 27.7 billion baht thanks to net interest margin expansion and an upward trend interest rates, while overall loans increased by 3.0% compared to the same period last year.

Commissions and other income amounted to 11.8 billion baht, down only 0.6% year-on-year but up 6.5% year-on-year, a pattern consistent with a full reopening and a general recovery activities in Thailand. Nevertheless, investment and trading income fell 81.3% year-on-year due to unfavorable market conditions.

Although operating expenses rose 7.1% year-on-year to 16.9 billion baht, the cost/income ratio remained in check at 42.6% in the third quarter.

Provisions in the third quarter were set at 7.8 billion baht, down 22.8% year-on-year. The non-performing loan (NPL) coverage ratio remained high at 163.8%.

Asset quality has steadily improved, with the NPL ratio declining further to 3.34% end-September 2022 from 3.58% end-June 2022 and the capital adequacy ratio remaining solid at 18.5%.

Arthid Nanthawithaya, CEO of SCBXcommented :

“SCBX continued to experience robust growth, reflecting the overall economic recovery and our prudent risk management, and supporting customers’ business resumption. At the same time, the newly created businesses under the “mothership ” have made significant progress. InnovestX has unveiled Thailand’s first investment super app that combines the trading of traditional securities and digital securities into a unified platform. Additionally, the Robinhood platform has completely transformed into a super app by adding online travel agent service, mart service and express service, as well as having obtained a carpooling service license. In addition, SCBX received a one-time dividend payment from the Bank this quarter to implement the restructuring plan to become a leading financial technology group of the region.

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