SCB X reports 10.8% higher net profit of $375.66m for Q1

Net interest income fell but fees and other income rose.

SCB X Public Company Limited (SCB X), the holding company of Siam Commercial Bank (SCB), has reported a consolidated net profit of THB12.5b (US$375.66m) for Q1 2025.

This is 10.8% higher than the same period in 2024, according to the latest financial report posted by SCB.

Net interest income was THB31.04b ($935.45m) during the quarter, 2.2% lower than a year earlier, on the back of a narrower net interest margin (NIM).

SCB X’s overall loan portfolio contracted 1% during the period, which SCB X said was due to “prudent new loan underwriting.”

Fee and other income rose 0.7% year-on-year (YoY) to THB10.25b ($308.91m), on the back of a growth in wealth management fees. Bancassurance and lending-related fees declined during the same period, SCB X said.

Operating expenses decreased by 5.3% YoY to THB17.14b ($516.55m) on cost control measures and the discontinuation of the Robinhood platform business in 2024.

Provisions decreased by 6.2% primarily due to improved asset quality in both SCB Bank and Gen 2 businesses, particularly from CardX business, SCB X said.

The NPL ratio was 3.45% at the end of Q1 2025, down from 3.52% in the previous year.

The capital adequacy ratio was 18.8%.

In a statement, SCB X chief executive officer Arthid Nanthawithaya noted that 2025 began with “significant challenges” such as the Myanmar earthquake and US tariff escalations.

Nanthawitahya said that they expect the impact of these on the group’s businesses to be limited.

(US$1 = THB33.19; as of 22 April 2025, Google)