Bangkok--Jul 20--The Siam Commercial Bank
The Siam Commercial Bank PCL announces the preliminary results of operations for the first half of 2005. Net profit was Baht 9,211 million. Net profit from operation (excluding investment gain and loan loss provisions) increased markedly to Baht 9,508 million from Baht 7,253 million in the first half of last year and Baht 8,082 million in the second half of last year thanks to continuing improvements in interest income and fee income.
Net profit for 2Q05 was Baht 4,272 million, a decline from Baht 4,938 million in 1Q05 and Baht 4,869 million in 2Q04 owing to a decline in investment gains while operating profit continued to expand.
Khunying Jada Wattanasiritham, President & Chief Executive Officer said:
“2Q05 net profit was satisfactory. Loans continued to expand in all segments. Loan growth was 4.8% from the end of 2004, slightly ahead of target, boosting interest income from loans. Fee income continued its strong momentum while cost was under control. NPLs decreased by Baht 3,118 million to Baht 70,829 million or 12.0% as a result of debt restructuring and write-off.”
Dr. Vichit Suraphongchai, Chairman of the Executive Committee added that:
“As a result of the Change Program during the past 2-3 years and a clear policy to be the premier universal bank in Thailand, SCB’s performances have been outstanding and recognized by international organizations. Rating agencies have raised SCB’s credit and financial strength ratings. Many international magazines have named SCB the Best Bank in Thailand and the Best Retail Bank in Thailand. We continue to aim to do better to achieve our vision for SCB ‘To be the Bank of Choice’ ”. End.