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.


Latest Press Release

Siam Commercial Bank Partners with Chaixi Bameekiao and Visa To facilitate QR payment for noodle franchise

- Ms. Pimjai Tongmee, SCB's Payment Product Sales and Delivery Division Executive Vice President - Mr. Panrob Kamla, President of Chaixi Bameekiao Co. Ltd - Mr. Suripong Tantiyanon, Country Manager for Visa Thailand "Siam Commercial Bank" (SCB)...

Isotropic Systems Raises $14 Million in Series A Funding Led by Boeing HorizonX Ventures to Advance Space-Based Connectivity

- Isotropic's approach to next-generation integrated terminal creates profound change in terminal economics and performance to unlock the satellite industry's full potential Isotropic Systems Ltd., the next-generation integrated satellite terminal...

Global economic growth expected to slow in 2019

The global economy as a whole is expected to slow in 2019 as G7 countries return to long-run average growth rates, according to new projections from PwC in its latest Global Economy Watch. PwC expects that the pick up in growth of most major economies...

QNB Group: Financial Results for the Year Ended 31 December 2018

QNB, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the year ended 31 December 2018. (Photo: https://mma.prnewswire.com/media/808498/QNB_Group_Head_Office.jpg ) Net Profit for the year ended 31...

CIMB THAI announces 2018 financial results with increased in operating income due to loan growth and lower gross NPL ratio. To fully move forward with Fast Forward program.

- Net interest income increased THB 544.3 million YoY mainly from loan expansion and higher interest income on investments. - Profit before tax of THB 271.2 million. - NPL ratio of 4.3% compared to 4.8% YoY due to more efficient risk management policies...

Related Topics