Siam Commercial Bank PCL reported a net profit of 47.61 billion Thai baht for fiscal 2016, an increase of 0.9% year over year from 47.18 billion baht.

The bank attributed the increase to a higher net interest income and higher net fee and service income. The nonperforming loans ratio also improved from the previous fiscal year.

Net interest income for the full year increased to 88.45 billion baht from 82.83 billion baht for the prior-year period. Operating profit declined 7.7% year over year to 81.69 billion baht from 88.46 billion baht.

The bank's net interest margin for the fiscal year increased slightly to 3.27% from 3.18% the previous year.

Impairment losses of loans and debt securities for the full year totaled 22.53 billion baht, down from 29.72 billion baht.

Further, the bank reported a 7.8% year-over-year increase in fourth-quarter net profit to 12.72 billion baht.

Net interest income for the quarter increased 6.5% year over year to 22.80 billion baht, while its fourth-quarter operating profit declined 9.1% year over year to 17.76 billion baht.

Net interest margin for the quarter came in at 3.33%, while the bank's impairment losses of loans and debt securities totaled 1.99 billion baht in the fourth quarter, down 60.0% year over year.

The bank's nonperforming loans totaled 57.59 billion baht as of Dec. 31, 2016, down from 59.00 billion baht at Dec. 31, 2015. In addition, its NPL ratio for the period fell year over year to 2.67% from 2.89%.

The bank's capital adequacy ratio at the end of 2016 stood at 17.4%, compared with 17.2% a year ago.

As of Jan. 19, US$1 was equivalent to 35.44 Thai baht.