Bangkok--4 Apr--SCB
SCB rises to no. 3 spot in asset size and no. 1 in market capitalization as the bank enters its 100th anniversary. SCB shareholders approve special Bt1 dividend, bringing total dividend to Bt3 per share and debenture / subordinated debenture issue of up to Bt100,000 mn for business expansion.
At the 2006 annual general meeting of shareholders on 4 April 2006, SCB reported its net profit for 2005 was the highest in its history since its inception in 1906.
SCB President Khun Ying Jada Wattanasiritham attributed the bank’s success to continuous strategic changes and investments over the past 3-4 years which have transformed the bank into a modern universal bank providing services that fit customer needs, and to the strong supports of its customers, employees, and all business units. On the basis of the bank’s strong performance and to mark the 100th anniversary of its establishment, SCB shareholders approved a special dividend of Bt1 per share, bringing the bank’s total dividend payment to Bt3 per share. The shareholders also approved the bank’s proposal to issue up to Bt100,000 mn in debentures / subordinated debentures to finance its expansion plans.
Dr. Vichit Surapongchai, chairman of the executive committee, assured the bank’s customers and shareholders that as a Thai bank, SCB always bases its action on national interest and adheres to good governance principles and business ethics. The bank has a strong capital base, supportive shareholders and sustained credit and deposit growth. Another good news is that business expansion since January this year has propelled SCB to its current position as the third largest Thai bank in terms of total assets. SCB’s total assets currently stand at about Bt909, 000 mn. Another measure of success is that SCB has attained the number one spot among Thai banks in terms of market capitalization ( total issued shares multiplied by market price per share) on the back of its rising share prices. Market capitalization is a measure of shareholders and investors’ satisfaction with the bank’s performance. SCB’s current market capitalization is approximately Bt218,000 mn, a 2.5 times increase from 1999 which was when the bank started to emerge from the economic crisis. This is a splendid booster for SCB as it enters its 100th anniversary.