SCB Announces 2Q17 Net Profit of Baht 11.9 Billion

Stocks and Financial Services Press Releases Friday July 21, 2017 11:40
Bangkok--21 Jul--Siam Commercial Bank

Siam Commercial Bank and its subsidiaries continued its positive momentum from 1Q17 with net profit of Baht 11,911 million for 2Q17 (based on unaudited consolidated financial statements). Furthermore, asset quality continued to improve.

The non-performing loan ratio improved to 2.65% at the end of 2Q17. In this quarter, the Bank set aside loan loss provisions of Baht 5,010 million or 1.02% of total loans, effectively raising the coverage ratio to 133.5% at the end of 2Q17.

Net interest income was at Baht 22,788 million, an increase of 1.0% from 1Q17 due to continued loan growth.
Non-interest income was Baht 11,192 million in 2Q17 amounting to a 5.3% yoy increase which was primarily driven by higher net trading and FX income, higher dividend income, and recovery from insurance claim.

President and Chief Executive Officer Arthid Nanthawithaya, commented that, "The Bank continued to perform well despite extensive investments in technology and a bank-wide process overhaul to enhance the Bank's competitiveness. The Bank will focus on risk management, particularly NPL management to keep NPL ratio at a low level."

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