SCB Announces 1Q17 Net Profit of Baht 11.9 Billion

Stocks and Financial Services Press Releases Thursday April 20, 2017 17:25
Bangkok--20 Apr--Siam Commercial Bank

Siam Commercial Bank and its subsidiaries announced a net profit of Baht 11,912 million for 1Q17(based on unreviewed consolidated financial statements), an increase of 13.0% from the same period last year. The increase was a result of higher net interest income, higher net fee and service income, as well as a decline in net insurance claims.

Net interest income was at Baht 22,561 million, an increase of 4.1% from 1Q16. The increase in net interest income was due to a 6.2% loan growth over the past year.

on-interest income increased by 33.2% to Baht 10,624 million in 1Q17 from 1Q16, primarily a result of continual growth in net fee and service income as well as higher net insurance premium income from a decline in net insurance claims.

The non-performing loan ratio stood at 2.70% at the end of 1Q17, an increase of 0.06% from the end of 1Q16,largely due to higher NPLs from housing loans and from the SME segment. In this quarter, the Bank set aside loan loss provisions of Baht 5,010 million or 1.03% of total loans, effectively raising the coverage ratio to 133.4% at the end of 1Q17 from 122.8% at the end of 1Q16.

President and Chief Executive Officer Arthid Nanthawithaya, commenting on the Bank's first quarter performance, noted that, "The Bank is satisfied with the financial results. This year the transformation project will be a key element in strengthening the Bank and paving the way for the Bank to become the most admired bank. In addition, we are focusing on developing staff capabilities so they can adapt to changes and respond to new business models and client needs in the future."


Latest Press Release

Republic of Korea #AA/A-1+# Ratings Outlook Stable

-Although geopolitical tensions have risen of late in the Korean peninsula, we believe a direct armed conflict is unlikely. - Korea's record of steady economic growth has generated a prosperous economy, a high degree of fiscal and monetary flexibility,...

Ratings Affirmed In European Cash Flow CLO Transaction Lingfield 2014 I Following Review

- We have reviewed Lingfield 2014 I's performance following the extension of the reinvestment period. - Following our review, we have affirmed our ratings on the class A and B notes. - Lingfield 2014 I is a cash flow CLO transaction securitizing a...

Lippo #B+# Rating Placed On CreditWatch Negative On Slow Operating Environment, Corporate Action At Siloam

- Slow marketing sales of existing projects since the beginning of 2017 and a shift to lower-priced apartments could reduce Lippo's profit margins, EBITDA, and interest servicing capacity beyond our tolerance for the 'B+' rating through 2018. - The...

Compania Minera Milpo #BB+# Ratings Affirmed And Off Watch Negative On Similar Action On Outlook Negative

- On Aug. 17, 2017, we affirmed our ratings on Votorantim S.A., removed them from CreditWatch with negative implications, and assigned a negative outlook, following the same action on the sovereign rating on Brazil. This prompted a similar rating action...

Fitch Affirms TREIT at #A-(tha)#, Outlook Negative

Fitch Ratings (Thailand) Limited has affirmed TICON Freehold and Leasehold Real Estate Investment Trust's (TREIT) National Long-Term Rating and its national senior unsecured rating at 'A-(tha)'. The Outlook remains Negative. The Negative Outlook reflects...

Related Topics