Bangkok--20 Jul--Siam Commercial Bank
The Siam Commercial Bank PCL announces the preliminary results of operations for the first half of 2006. Net profit was Baht 8,394 million. Operating profit (excluding investment gain, loan loss provisions and income tax) increased by 15.3% yoy to Baht 10,962 million from Baht 9,509 million due to increase in interest and dividend income and non-interest income. In the first half of 2006, the Bank paid income tax of Baht 2,246 million.
Net profit for 2Q06 was Baht 4,171 million. Operating profit was Baht 5,571 million, increased from Baht 5,390 million in previous quarter.
Khunying Jada Wattanasiritham, President & Chief Executive Officer said: "2Q06 performance was satisfactory. Loans continued to expand in all segments. In the first half of 2006, loan growth was 6.6% from the end of 2005, slightly ahead of target. Net interest and dividend income in 2Q06 increased by 22.4% yoy and net interest margin was satisfactory at 3.4%. Fee income continued its growth momentum. At the end of this quarter, NPL ratio increased 0.4% from last quarter to 9.2% which the Bank has fully provided reserve for."
Dr. Vichit Suraphongchai, Chairman of the Executive Committee added that: "Operating performance of the Bank was in line with the Bank’s policy and targets. This year, many international magazines awarded SCB the Best Bank in Thailand and the Best Retail Bank. SCB Securities was also awarded Best Domestic Equity House/Best Broker in Thailand. These awards attest to the success of the joint co-operation between the Bank and its subsidiaries under SCB Group".