SCBX announced first-quarter net profit of THB11.3 billion
SCB X Public Company Limited has reported a consolidated net profit of THB11.3 billion for the first quarter of 2024, a 2.6 % yoy increase.
During the quarter, net interest income surged by 9.7% year-on-year to THB31.8 billion, driven by an augmented net interest margin (NIM) and heightened investment income. The growth in overall loans, up by 2.1% year-on-year, was chiefly propelled by housing loans and corporate loans within SCB Bank, alongside digital loans and auto title loans within portfolio companies.
Conversely, fee and other income experienced a 7.6% year-on-year decline, settling at THB10.2 billion, attributed to reduced bancassurance fees and lending-related fees.
Operating expenses rose by 8.0% year-on-year to THB18.1 billion, while the cost-to-income ratio reached 42.1%, a slight increase from the previous year's 41.0%. This underscores our unwavering dedication to effective cost management and the continuous pursuit of operational efficiency enhancements.
The Company allocated provisions of THB10.2 billion, marking a 2.8% year-on-year increase, amid persistent challenges stemming from an uneven economic recovery and the repercussions of heightened household debt levels on susceptible retail customers. Despite these challenges, the non-performing loan (NPL) coverage ratio remained robust at 160.6%.
Overall, asset quality remains well-maintained, with the NPL ratio reaching 3.5% at the end of March 2024, slightly higher than the 3.3% recorded at the end of March 2023. The capital adequacy ratio persisted robustly at 18.6%, while the Return on Equity (ROE) stood at 9.3%.
The Company recently announced a dividend payment for the 2023 operating results of THB10.34 per share, indicating an 80% dividend payout ratio, a substantial increase compared to previous years. This underscores our robust financial performance and steadfast dedication to creating value for shareholders.
