SCBX net profit inch up 1% YoY to $1.29b in 2024

Interest income is higher, but fee and investment/trading income are lower.

SCB X Public Company Limited (SCBX), the holding company that owns Siam Commercial Bank (SCB), has announced a net profit of over $1.29b (THB43.94b) for the whole year of 2024.

This is a 1% year-on-year (YoY) increase from the $1.28b (THB43.52b) it earned the previous year, according to its financial highlights released on 21 January 2025.

Net profit for the fourth quarter was $345m (THB11.71b), 6.5% YoY higher than in Q4 2023, and a 7% quarter-on-quarter (QoQ) rise.

Loans by the year-end fell 1% YoY to $70.74b (THB2.4t) for 2024, compared to the about $71.6b (nearly THB2.43b) by end-2023.

Loans are also lower by 1.3% compared to end-Q3 2024.

Total deposits rose 1.3% YoY to $72.8b (THB2.47t) by the end of the year.

Net interest income rose 3.8% YoY to $3.81b (THB129.42b), whilst fees dropped 5.6% YoY to $1.2b (THB40.66b). Investment and trading income plunged 31.3% YoY to $67.49m (THB2.29b).

Non-performing loans (NPL) ratio is at 3.37% as of end-2024, compared to 3.44% in end-2023. However, NPLs rose by 0.8% YoY to nearly $2.88b (THB97.61b) in 2024 compared to THB96.83b in 2023.

(US$1 = THB33.93; data as of 23 January 2025)