On Monday at 3:18 PM (Bangkok time), the share price of SCB X Public Company Limited (SET: SCB) jumped by 2.73% or THB 3.00 to THB 113.00, with a trading value of THB 2.32 billion.
SCB’s net interest income in the third quarter at THB 32.6 billion beat LSEG’s consensus by nearly 2%. Meanwhile, net profit at THB 10.9 billion was 9% above LSEG’s estimate.
Additionally, Land and Houses Securities (LHS) observed that SCB exceeded expectations in the third quarter of 2024, with the bank revealing a net profit of THB 10.9 billion, marking a 13.2% rise from the corresponding period a year earlier.
SCB’s profit during the first nine months of 2024 totaled 80% of the analyst’s projected annual profit, primarily driven by a surge in net profit income from interest rate adjustments and a reduction in the provision for expected credit losses. On the other hand, non-interest rate income saw a decline, while operating expenses rose.
Meanwhile, following the analyst meeting on Monday, there are possibilities for the bank’s estimated annual profit to be fine-tuned. The analyst reaffirmed a ‘BUY’ stance on SCB, setting a target price of THB 122 per share for 2025. SCB retains its status as the bank with the most generous dividend payout rate, with a potential dividend yield of up to 8.7% this year.
