, Thailand
SCB X CEO Arthid Nanthawithaya (from SCB website).

SCB X sees 0.9% dip in 9M 2024 net profit on lower loans, fee income in Q3

Its third quarter net profit is 13.2% higher than in Q3 2023, however.

SCB X, the parent company of Thailand’s Siam Commercial Bank (SCB), reported a net profit of approximately $959.68m (THB32.24b) for the first nine months of 2024— a 0.9% decrease compared to the same period in 2023.

Its third quarter net profit is $325.65m (THB10.94b), a 13.2% year-on-year (YoY) increase compared to a year earlier, according to a statement posted on the SCB website.

For the quarter, net interest income rose 3.5% YoY to $971.93m (THB32.63b), which in turn pushed net interest margin (NIM) to rise up 0.01 percentage point (ppt) to 3.91%. NIM is 0.17 ppt higher than in Q3 2023.

Overall loans are 0.9% YoY lower, attributed to “prudent new loan underwriting amidst a challenging business environment.”

Fee and other income also declined by 7.5% YoY to $297.11m (THB9.98b) during the quarter, which SCB X blamed on a decrease in bancassurance fees and lending-related fees.

Operating expenses were lower by 4.8% YoY to $523.96m (THB17.6b) for Q3.

Cost-to-income ratio, excluding the impact from the Robinhood transaction, was at 40.9%.

Non-performing loan (NPL) ratio was 3.4% at end-September 2024, slightly higher than the 3.3% recorded in the same month in 2023.

The capital adequacy ratio is 19%. 

SCB X CEO Arthid Nanthawithaya noted that the Thai economy "continues to recover slowly amid additional pressures from flooding in several areas." 

"The Company continues to prioritize conducting business with prudence, focusing on quality growth and strengthening our financial position," Nanthawithaya said, commenting on their latest finnacial results.

(US$1 = THB33.59; as of 23 October 2024, 12:29 PM)

Follow the link s for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Australian banks' credit risk rises amidst high debt, economic uncertainty
National Australia Bank reported an 8.1% decline in cash earnings.Australian banks face heightened risk of rising credit losses as high household debt levels, elevated interest rates, and global economic uncertainties continue, according to S&P Global Ratings.
Retail Banking
Visa launches new products to boost flexibility, security in APAC
It also partnered with QR payment providers across the region for cross-border payments.Visa has introduced several new products and services aimed at enhancing payment flexibility and security in Asia Pacific.
Cards & Payments