SCB X Public Company Limited (SET: SCB) has announced its Board of Directors resolution for a dividend payment of THB7.84 per share to be paid on 3 May 2024. The ex-dividend date is 17 April 2024.
SCB reported a net profit of Baht 43,521 million in 2023, increased 15.91% from 2022. Total operating income rose by 10.8% YoY to Baht 171.1 billion. Operating expenses increased by 2.7% YoY to Baht 71.8 billion, leading to a significant decrease in the cost-to-income ratio to 42%, down from the previous year’s 45.2%. This reflects the bank’s commitment to effective cost management and the ongoing effort to increase operational efficiency.
In 2023, net interest income increased by 15.6% YoY, amounting to Baht 124,682 million. This growth was propelled by a 44 basis points expansion in NIM and a 2.1% YoY increase in loan volume.
Meanwhile, 4Q23 net profit came in at Baht 11.0 billion, representing a 53.9% rise YoY. Such results were driven by higher net interest income, investment income, and rigorous cost control, despite higher-than-expected credit cost and soft fee income. By business portfolio contribution, SCB Bank (Gen 1) remained the core profit growth contributor to group performance, while consumer finance group (Gen 2) recorded small profit and digital platform & ecosystem group (Gen 3) was steadfast in its discipline to establish best-in-class platforms with a clear path towards profitability.
The company set aside provisions of Baht 43.6 billion for 2023, a 28.9% YoY increase, as a prudent response to preemptively provide a cushion for global geopolitical uncertainties and an uneven economic recovery in Thailand. The non-performing loan (NPL) coverage ratio remained at 160%, consistent with last year’s level.
Overall asset quality is well under control. The NPL ratio was 3.4% at the end of 2023, slightly higher than the 3.3% recorded at the end of 2022. The capital adequacy ratio remained strong at 18.8% and the Return on Equity (ROE) at the end of 2023 stood at 9.3%.
