SCB Books ฿40.1bln. Profit in 2018, Expecting Higher Benefits from Transformation Program

Siam Commercial Bank Public Company Limited (SCB) has announced its consolidated financial statement through the Stock Exchange of Thailand as follows:

SCB earned 7.1 billion in the fourth quarter of 2018 and ฿40.1 billion for 2018, decreased 7.1% YoY. Total operating income increased 1.5% yoy to ฿138.2 billion as net interest income rose 4.4% yoy.

However, non-net interest income declined 4.7% YoY mainly due to digital fee waiver, a slowdown in the insurance business, and lower fee income from international trade in the second half of 2018. Moreover, higher expenses associated with investment in the Transformation Program over the past three years had raised the Bank’s cost-to-income ratio to 46.8%. The higher cost-to-income ratio is within the expected range of 45-47% and will steadily come down as the benefits from the Transformation Program kick in, starting from 2019.