SCB Announces 2017 Net Profit of Baht 43.2 Billion

Stocks and Financial Services Press Releases Friday January 19, 2018 10:48
Bangkok--19 Jan--Siam Commercial Bank

Siam Commercial Bank and its subsidiaries announced a net profit of Baht 43,152 million for 2017 (based on unaudited consolidated financial statements), a 9.4% decrease from 2016. Lower net profit was primarily due to higher prudent provisions set aside to align existing expected loss principles to those required under new accounting standard effective in 2019 as well as an 11.6% rise in operating expenses mainly from the Bank's investment in digital banking technology to expand the customer base.

The Bank's total income increased by 2.2% yoy mainly from net interest income and net fee income.

The non-performing loan ratio increased to 2.83% in 2017 from 2.67% at the end of 2016. Loan loss provisions were set at Baht 25,067 million or 1.26% of total loans in 2017, which consequently improved the Bank's coverage ratio to 137.3% at the end of 2017 from 134.3% at the end of 2016.

President and Chief Executive Officer Arthid Nanthawithaya commented, "The Bank has moved into the digital arena and expanded its retail customer base through mobile banking and new payment technologies such as QR codes, a new trend for expanding the customer base of the bank going forward.

As for 2017 operating results, the Bank saw positive loan growth in the corporate and retail segments as economic conditions began showing signs of improvement, boosting interest income."

Siam Commercial Bank PCL is one of Thailand's leading universal banks. Established by Royal Charter in 1906 as the first Thai bank, SCB has the second rank in the market capitalization among Thai financial institutions as of the end of December 2017 (Baht 510 billion). Its network of branches and service points offers nationwide coverage (1,153 branches, 102 foreign exchange kiosks, and 9,560 ATM machines) providing services that meet the demands of all customer groups, including corporate, SME and retail customers, with total assets of Baht 3,024 billion. More information is available from the website www.scb.co.th.


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