SCB X Public Company Limited (SCBX) has reported a consolidated net profit of Baht 11.3 billion for the first quarter of 2024, a 2.6 % yoy increase.
For the quarter, net interest income increased by 9.7% yoy to Baht 31.8 billion resulting from an expansion in the net interest margin (NIM) and an increase in investment income. Overall loans grew by 2.1% yoy, primarily from housing loans and corporate loans under SCB Bank, as well as digital loans and auto title loans under portfolio companies.
Fee and other income declined by 7.6% yoy to Baht 10.2 billion, due to a decrease in bancassurance fees and lending-related fees.
Operating expenses increased by 8.0% yoy to Baht 18.1 billion, while the cost-to-income ratio was at 42.1%, slightly increased from the previous year’s 41.0%. This reflects our commitment to effective cost management and the ongoing effort to increase operational efficiency.
The Company set aside provisions of Baht 10.2 billion, a 2.8% yoy increase, amidst ongoing challenges posed by an uneven economic recovery and the impact of an elevated level of household debt on vulnerable retail customers. The non-performing loan (NPL) coverage ratio remained at 160.6%.
Overall asset quality is well under control. The NPL ratio was 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 remained strong at 18.6% and the Return on Equity (ROE) stood at 9.3%.
The Company recently announced a dividend payment for the 2023 operating results of Baht 10.34 per share, representing 80% dividend payout ratio, significantly higher than in previous years. This reflects our strong financial performance and our commitment to shareholder value creation.
Chaixi Corporation transforms Noodle Legend into “Street Food for All”
BPP unveils business strategy through to 2030
