Thailand’s SCBX sees net profit rise 15.9% to $1.22b in 2023

Cost-to-income ratio decreased to 42% from 45.2% in 2022.

SCBX, the parent company of Siam Commercial bank, has reported a consolidated net profit of over $1.22b (THB43.5b) for 2023– 15.9% higher than a year earlier.

Total operating income has risen 10.8% to $4.8b (THB171.1b), SCBX shared in its latest financial report.

Operating expenses are up 2.7% to $2.01b (THB71.8b) compared with a year ago, leading to a decrease in teh cost-to-income ratio from 45.2% in 2022 to 42% in 2023.

SCB X chief executive Arthid Nanthawithaya said that the decrease reflects their commitment to “effective cost management and the ongoing effort to increase operational efficiency.”

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“In the next phase of our strategy, the company will focus on improving efficiency, appropriately managing costs, developing technological capabilities, and enhancing financial stability. This approach aims to position SCBX as a key engine of economic development, expanding services to our customers, and creating shareholder value,” Nanthawithaya said in a statement, commenting on their financial results.

Unsecured consumer loans grew by 24% in 2023 compared to the previous year, with outstanding loans in this segment amounting to approximately $4.63b (THB165b).

(US$1 = THB35.57)