Bangkok--21 Apr--The Siam Commercial Bank
The Siam Commercial Bank PCL announces the preliminary results of operation for the first quarter of this year. Net profit was Baht 4,223 million. Even as the Bank booked special bonuses for employees as expense in this quarter, profit before income tax rose to Baht 5,462 million, up Baht 456 million or 9.1% from Q405, and up Baht 524 million or 10.6% from Q105, driven by continuing growth in both interest and dividend income and non-interest income. In this quarter the Bank paid income tax of Baht 1,239 million.
Khunying Jada Wattanasiritham, President & Chief Executive Officer said:
“The Bank’s results were in line with targets. Net interest and dividend income increased by 15.7% while net interest margin also improved to 3.61% from 3.35%. Non-interest income was higher on all fronts especially income from subsidiaries mostly due to better contributions from subsidiaries. This quarter’s higher cost was due to the provision for special employee bonus for the record performance in 2005 and to celebrate the Bank’s 100th anniversary. In this quarter the Bank paid income tax of Baht 1,239 million, up from only Baht 606 million in Q405 resulting in a slightly lower net profit.”
Dr. Vichit Suraphongchai, Chairman of the Executive Committee added that:
“SCB’s strategy for this year focuses on assets and revenue growth and co-operation of SCB Group. The first quarter’s results met our targets. With the increase in total assets to Baht 919,009 million, SCB has improved its ranking from number four to number three in terms of asset size. The recent rerating of SCB share prices reflects the market recognition of the bank’s outstanding performance, driving SCB’s market capitalization as of 31 March, 2006 up to Baht 217 billion, the highest in the Thai banking sector.”