SCBX ANNOUNCED THIRD-QUARTER NET PROFIT OF BAHT 9.7 BILLION

         Bangkok: SCB X Public Company Limited (SCBX) reported consolidated net profit of Baht 9.7 billion for the third quarter of 2023, down 6.3% yoy. Given the prevailing geopolitical uncertainty, the Company has set aside an additional provision of Baht 1.5 billion as a matter of prudent practice. Net profit for the first nine months of 2023 increased 7.0% yoy to Baht 32.5 billion. As for Siam Commercial Bank, the core pillar of the group, reported net profit of Baht 11.8 billion in the third quarter of 2023, a 6.3% decrease yoy. However, the Bank’s net profit for the first nine months  of 2023 increased 21.2% yoy to Baht 36.6 billion.

         For the third quarter of 2023, total operating income was Baht 43.3 billion, increased 9.0% yoy from net interest income of Baht 31.5 billion or 13.8% increase yoy mainly due to steady loan growth and net interest margin expansion. Fee and other income decreased 9.2% yoy to Baht 10.7 billion while investment and trading income almost tripled yoy reaching Baht 1.1 billion this quarter.

         Operating expenses for this quarter was Baht 18.5 billion resulting in the cost-to-income ratio of 42.7% reflecting our commitment to cost management.   

         In light of rising geopolitical uncertainty, the Company proactively added a provision of  Baht 1.5 billion, bringing the total provision for this quarter to Baht 12.2 billion, equivalent to the credit cost of 2.01%. The non-performing loan (NPL) coverage ratio remained high at 167.2%.

         The overall loan quality remained under control. At the end of September 2023, the NPL ratio stood at 3.30%, slightly up from 3.25% at the end of June 2023. The capital adequacy ratio remained strong at 18.7%.