SCB Announces 2016 Net Profit of Baht 47.6 Billion

Stocks News Thursday January 19, 2017 17:22 —PRESS RELEASE LOCAL

Bangkok--19 Jan--Siam Commercial Bank Siam Commercial Bank and its subsidiaries announced a net profit of Baht 47,612 million for 2016 (based on unaudited consolidated financial statements), an increase of 0.9% from the previous year. The increase was a result of higher net interest income and higher net fee and service income. Meanwhile, the NPL ratio improved from the previous year. Net interest income rose to Baht 88,449 million, an increase of 6.8% from last year. The increase in net interest income was mainly due to the Bank's proactive strategy to manage its cost of deposits as well as a 5.8% loan growth over the past year. Non-interest income decreased 17.5% from last year, primarily a result of large one-time gains from the sale of equity investment booked in 2015. Excluding these large gains, non-interest income would have decreased by 3.9% yoy due to lower revenue from the bank's life insurance subsidiary and lower net trading and FX income. However, net fee and service income continued to grow. The non-performing loan ratio stood at 2.67% at the end of 2016, a decrease from 2.89% at the end of 2015 due to an improvement in asset quality of the corporate segment, offset by a slight increase in NPLs of the SME and retail segments. Loan loss provisions for 2016 were Baht 22,528 million or 1.19% of total loans, a decrease of 24.2% from the previous year due to an improvement in asset quality. Moreover, the coverage ratio increased to 134.3% at the end of 2016 from 109.8% at the end of 2015. President and Chief Executive Officer Arthid Nanthawithaya commented on last year's performance that, "In 2016,we were able to maintain high earnings similar to the previous year's level with the Bank's strategy to be highly attentive to our customers during the period of slow economic recovery. Although the NPL ratio has shown marked improvement, the Bank continues to maintain a coverage ratio above 130%, with our emphasis on a strong balance sheet."

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