SCB Q1/2011 net profit grows 104.7% y-o-y

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BANGKOK, 23 April 2011  – The Siam Commercial Bank (SCB) is enjoying a record high net profit of 13 billion baht during the first quarter of this year, an increase of 104.7% year-on-year.

According to SCB Executive Committee Dr Vichit Suraphongchai, loan extension expanded by 69 billion baht or 6.6% at the end of 2010 to stand at 1.13 trillion baht at the end of March 2011. The expansion contributed to a rise of 14.4% in interest income compared to the same period of last year.

Loan demands increased due to a rising number of businesses divided into large-scaled companies 22.4% and small and medium enterprises 28.4% while individual clients rose by and 17.5% . Non-interest income also increased compared with the first quarter last year thanks to service fees, insurance, financial management and currency exchange.

Non-performing loans of the bank at the end of the first quarter of this year dropped to 3.05%, the lowest since the economic crisis in 1997.

Meanwhile, net interest margin (NIM) of the bank in the first quarter this year dwindled to 3.14% from 3.15% in the previous quarter and fell by 3.21% compared with the same period last year. Cost per revenue ratio reduced from 46.6% at the end of 2010 to 32.9% at the end of March 2011.