Post by account_disabled on Feb 25, 2024 0:30:24 GMT -5
Siam Commercial Bank announces net profit for 2020 of 27,218 million baht. Amid severe economic fluctuations and business challenges caused by the COVID-19 pandemic, Siam Commercial Bank and its subsidiaries have net profits. (Consolidated financial statements before audit) of 2020 amounted to 27,218 million baht, a decrease of 33% from the previous year as a result of higher reserves. Operating profit before deducting reserves amounted to 80,437 million baht, an increase of 12% from last year (excluding a one-time gain from the sale of shares in SCB Life Assurance last year) as a result of strong non-interest income growth and effective cost control. In 2020, net interest income amounted to 96,899 million baht, a decrease of 3% from the previous year, mainly due to the impact of several policy interest rate cuts in the first half of the year.
Meanwhile, overall loans expanded 7% from the previous year due to increased demand for British Student Phone Number List loans from large businesses and support for soft loans for business customers. Non-interest income amounted to 47,869 million baht, an increase of 12% from the previous year (excluding one-time special profits from the sale of shares in SCB Life Assurance Company in 2019), with income from the business selling insurance products through banks and business Wealth management continues to grow. Meanwhile, economic activity began to recover gradually after the easing of lockdown measures in late June. Operating expenses amounted to 64,330 million baht, a decrease of 9% from the previous year, as a result of the bank being able to control expenses effectively. As a result, the bank's cost-to-income ratio in 2020 improved to 44%, compared to 49% the previous year (excluding one-time special items in 2019). In 2020, the Bank set aside reserves of 46,649 million baht, an increase of 29% from the previous year, to strengthen and prepare to deal with the economic situation of the COVID-19 outbreak.
The non-performing loan (NPL) ratio at the end of 2020 was 3.68%, increasing from 3.41% the previous year, mainly as a result of the classification of qualitative debtors among customers who were severely affected by the outbreak. Vid-19 The bank's allowance for doubtful accounts to non-performing loans remains high at 141%, while the bank's regulatory capital remains strong at 18.2%. Mr. Athit Nanthawithaya, Chief Executive Officer and Chairman of the Executive Committee Siam Commercial Bank said “Although last year's net profit was pressured by higher provisions, But performance from the bank's core businesses remains strong and the bank's capital remains high. Since the start of the COVID-19 outbreak The bank has provided assistance to customers through various financial assistance programs. More than one million have already passed. which in the second half of the year Customers who received assistance have gradually left the project, causing the loan balance under the financial assistance program to drop significantly.
Meanwhile, overall loans expanded 7% from the previous year due to increased demand for British Student Phone Number List loans from large businesses and support for soft loans for business customers. Non-interest income amounted to 47,869 million baht, an increase of 12% from the previous year (excluding one-time special profits from the sale of shares in SCB Life Assurance Company in 2019), with income from the business selling insurance products through banks and business Wealth management continues to grow. Meanwhile, economic activity began to recover gradually after the easing of lockdown measures in late June. Operating expenses amounted to 64,330 million baht, a decrease of 9% from the previous year, as a result of the bank being able to control expenses effectively. As a result, the bank's cost-to-income ratio in 2020 improved to 44%, compared to 49% the previous year (excluding one-time special items in 2019). In 2020, the Bank set aside reserves of 46,649 million baht, an increase of 29% from the previous year, to strengthen and prepare to deal with the economic situation of the COVID-19 outbreak.
The non-performing loan (NPL) ratio at the end of 2020 was 3.68%, increasing from 3.41% the previous year, mainly as a result of the classification of qualitative debtors among customers who were severely affected by the outbreak. Vid-19 The bank's allowance for doubtful accounts to non-performing loans remains high at 141%, while the bank's regulatory capital remains strong at 18.2%. Mr. Athit Nanthawithaya, Chief Executive Officer and Chairman of the Executive Committee Siam Commercial Bank said “Although last year's net profit was pressured by higher provisions, But performance from the bank's core businesses remains strong and the bank's capital remains high. Since the start of the COVID-19 outbreak The bank has provided assistance to customers through various financial assistance programs. More than one million have already passed. which in the second half of the year Customers who received assistance have gradually left the project, causing the loan balance under the financial assistance program to drop significantly.