Siam Commercial Bank's profit edged up 1% to THB12.7b

Loan also grew 1.7%.

According to Maybank Kim Eng, SCB posted 3Q13 net profit at THB12.7b, up 1% QoQ and 26% YoY, in line with market and estimate.

PPOP beat the estimate, but SCB took this opportunity to set aside extra provision by THB1.5b on top of normal.

Here's more from Maybank Kim Eng:

Loan expanded 1.7% QoQ (+8.5% Ytd), while NIM expanded 12bps QoQ to 3.23%. Net-interest-income then rose 5% QoQ and 16% YoY. Fee income soared 9% QoQ and 26% YoY, thanks to CPALL-MAKRO deal.

Non-NII expanded 13% QoQ and 35% YoY, driven by dividend income. Opex was well controlled, with low 38% cost-toincome ratio.

PPOP grew 7% QoQ and 30% YoY (beating our estimate). Credit cost increased due to extra provision (Counter-Cyclical). For asset quality, NPLs stayed low at 2.0% with rising coverage ratio to 157%.

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