SCB X Public Company Limited (SET: SCB) has announced its 3Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 3Q24 | 3Q23 |
| Net Profit (Loss) Million Baht |
10,940.95 | 9,663.10 |
| Earning Per Share (Baht) |
3.2500 | 2.8700 |
| % Change | 13.22 | |
| 9 Months | 2024 | 2023 |
| Net Profit (Loss) Million Baht |
32,236.31 | 32,526.60 |
| Earning Per Share (Baht) | 9.5700 | 9.6600 |
| % Change | -0.89 | |
SCB reported a net profit of Baht 10,940 million in 3Q24, an increase by 13.22% from the same period of last year. This growth was driven by lower expected credit losses, higher net interest income from the tailwind of interest rate hike cycle coupled with prepayment of corporate customers previously in the comprehensive debt restructuring and lower OPEX, despite a loss on sale of Purple Ventures (PPV). Gen 2 businesses turned profitable, primarily driven from contribution by AutoX and MONIX, while CardX became break-even.
For the quarter, net interest income increased by 3.5% yoy to Baht 32,635 million, resulting from an expansion in the net interest margin (NIM). Overall loans dropped slightly by 0.9% yoy as a result of prudent new loan underwriting amid a challenging business environment. Fee and other income declined by 7.5% yoy to Baht 9,985 million, mainly due to a decrease in bancassurance fees and lending-related fees.
Operating expenses decreased by 4.8% yoy to Baht 17,606 million. The cost-to-income ratio, excluding the impact from the Robinhood transaction, was at 40.9%.
The provisions of this quarter decreased by 10.4% yoy as there were no additional provisions set aside for geopolitical risks in this quarter compared to the same period last year. The non-performing loan (NPL) coverage ratio remained high at 163.9%.
The overall asset quality is well under control. The NPL ratio was 3.4% at the end of September 2024, slightly higher than the 3.3% recorded at the end of September 2023. The capital adequacy ratio remained strong at 19.0%.
Expected credit losses (ECL) decreased year-on-year to Baht 11.0 billion, equivalent to 180 basis points of total loans.
“The Thai economy continues to recover slowly amid additional pressures from flooding in several areas. The Company continues to prioritize conducting business with prudence, focusing on quality growth and strengthening our financial position.
In the past quarter, SCBX led the consortium with two leading digital banks in the region, KakaoBank and WeBank, to submit an application for a virtual banking license. We believe that the virtual bank will expand opportunities to access financial services and promote new innovations to better meet the needs of customers.
Additionally, SCBX completed the sale of our food delivery platform, Robinhood, to a group of investors led by Yip In Tsoi Co., Ltd.. This decision reflects our intention to pass on the Thaifood delivery platform for Thais. This transaction aligns with our effective capital management strategy to sustainably create value for our shareholders,” said Arthid Nanthawithaya, Chief Executive Officer of SCBX.
