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Siam Commercial Bank Q3 net profit rises 40.8% YOY

Siam Commercial Bank PCL posted a 40.8% year-over-year rise in net profit for the third quarter as it recorded a one-time capital gain from the sale of SCB Life Assurance PCL.

The bank on Oct. 18 reported a consolidated third-quarter net profit attributable to owners of 14.80 billion Thai baht, up from 10.51 billion baht in the prior-year period. Basic EPS rose to 4.35 baht from 3.09 baht.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 4.28 baht.

Net interest income climbed to 26.19 billion baht from 24.39 billion baht, while net fees and service income increased to 7.39 billion baht from 6.53 billion baht.

Total operating income climbed to 70.79 billion baht from 45.75 billion baht, while net operating income grew to 60.45 billion baht from 34.72 billion baht. Profit from operation before income tax expense increased to 27.62 billion baht from 13.09 billion baht.

The lender's consolidated nonperforming loan ratio came to 3.01% as of the end of September, up from 2.77% at June 30 and 2.80% at Sept. 30, 2018.

As of Sept. 30, the bank's consolidated capital adequacy ratio clocked in at 18.0%, up from 17.1% at June 30 and 17.6% at the end of September 2018.

As of Oct. 17, US$1 was equivalent to 30.27 Thai baht.