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Siam Commercial Bank Q3 net profit climbs YOY

Siam Commercial Bank PCL posted a 3.7% year-over-year increase in consolidated net profit for the third quarter ended Sept. 30 amid higher interest income and gains on investment.

The bank said Oct. 19 that net profit attributable to shareholders rose to 10.51 billion Thai baht from 10.13 billion baht in the prior-year period. Basic EPS amounted to 3.09 baht, up from 2.98 baht.

The third-quarter S&P Global Market Intelligence consensus estimate for normalized and GAAP EPS was 3.18 baht.

Net interest income climbed to 24.39 billion baht from 23.27 billion baht, while net fees and service income slipped to 6.53 billion baht from 7.88 billion baht.

Gains on investments jumped to 1.09 billion baht from 565.9 million baht in the prior-year quarter.

For the nine months to Sept. 30, net profit attributable to shareholders dropped to 32.98 billion baht from 33.95 billion baht. Basic EPS fell to 9.70 baht from 9.99 baht.

The bank's net interest margin for the quarter clocked in at 3.26%, up from 3.21% in the previous quarter and from 3.23% a year earlier.

As of Sept. 30, its gross nonperforming loan ratio stood at 2.80%, slightly down from 2.81% in the period ended June, but up from 2.75% in the period ended September 2017. Its net NPL ratio came in at 1.51%, down from 1.53% in the previous quarter, but up from 1.46% in the year-ago period.

The lender's capital adequacy ratio came in at 17.6% as of Sept. 30, up from 17.1% as of the end of June, but down from 18.2% as of Sept. 30, 2017. Its common equity Tier 1 ratio stood at 15.6%, up from 15.1% in the previous quarter, but down from 16.1% in the year-ago period.

As of Oct. 18, US$1 was equivalent to 32.57 Thai baht.