Bangkok Bank Public Company Limited (SCB) has reported its yearly consolidated financial statement of 2020 through the Stock Exchange of Thailand as follows;
BBL recorded a net profit of 17,180 million baht in 2020, decreased 52.03% from a year earlier.
Net interest income rose by 8.4% from 2019 to 77,047 million baht due to the consolidation of Permata’s net interest income. The net interest margin stood at 2.25%. Net fees and service income and other operating income declined primarily due to lower fee income from loan related services and income from investments from the implementation of TFRS9 since January 1, 2020. Operating expenses increased by 20.0% mainly due to the inclusion of Permata’s operating expenses and expenses related to integration of BBL’s branches in Indonesia and Permata in December,resulting in the cost to income ratio of 55.6%
BBL set aside expected credit losses of 31,196 million baht,driven the ratio of loan loss reserves to non-performing loans to 181.6%.This is in line with the bank’s prudent management to provide a cushion against uncertainty from the economic contraction caused by the Covid-19 pandemic.