SCB X Public Company Limited (SET: SCB) has announced its 2024 consolidated financial statement through the Stock Exchange of Thailand as follows:
| 2024 | 2023 | |
| Net Profit (Loss) Million Baht |
43,943.01 | 43,521.33 |
| Earning Per Share (Baht) |
13.0500 | 12.9300 |
| % Change | 0.97 | |
SCB X Public Company Limited (SCBX) has reported a consolidated net profit of Baht 43,943 million for 2024, a 1.0% yoy increase.
For 2024, net interest income increased by 3.8% yoy to Baht 129,424 million, resulting from an expansion in the net interest margin (NIM) while overall loans dropped slightly by 1.0% yoy as a result of prudent new loan underwriting. Fee and other income declined by 5.6% yoy to Baht 40,657 million, mainly due to a decrease in bancassurance fees and lending-related fees. Meanwhile, operating expenses increased by 1.7% yoy to Baht 72,977 million. The cost-to-income ratio was at 42.3%.
The provisions decreased by 2.3% yoy, mainly due to consistently prudent and careful asset quality management. The non-performing loan (NPL) coverage ratio remained high at 158%. Additionally, the overall asset quality is well under control. The NPL ratio was 3.37% at the end of 2024, slightly lower than the 3.44% recorded at the end of last year. The capital adequacy ratio remained strong at 18.9%.
In 2024, the Group effectively controlled costs, achieving a cost-to-income ratio of 41.7%, excluding the impact from the Robinhood transaction. Expected credit losses (ECL) decreased year-on-year to Baht 42.6 billion, equivalent to 176 basis points of total loans. This decline was primarily driven by improved ECL at CardX due to de-risking in the P-loan segment, while the ECL at the Bank slightly decreased due to the absence of additional provisions recorded in 2023.
The Group’s loan growth declined slightly by 1.0% year-on-year, with reductions across all segments at SCB Bank and a decrease at CardX, as the focus shifted to quality customers. Meanwhile, loans at AutoX and MONIX continued to grow, albeit at a slower pace.
Total loans for Gen 2 increased by 5% yoy to Baht 172 billion, driven primarily by the expansion of AutoX and digital loans by MONIX, partially offset by a decline in CardX due to the selective approach in new lending.
Arthid Nanthawithaya, Chief Executive Officer of SCBX, commented:
“The year 2024 was a challenging year in many dimensions, both economically and technologically. The SCBX Group aimed for cautious business growth, prudently managing asset quality and focusing on strengthening financial stability. Additionally, the Company established PointX as a central platform to enhance customer engagement within the Group. SCBX has received official validation of its near-term science-based greenhouse gas emissions reduction targets from the Science Based Targets initiative (SBTi), becoming the first financial institution in Thailand to receive this validation, aiming for a Net Zero target by 2050 and sustainable growth.
In 2025, SCBX will focus on continuous growth from our existing businesses, particularly in consumer finance, by efficiently managing costs and improving debt collection processes. The Company will also fully support vulnerable customer groups under government measures.
SCBX prioritizes sustainable growth by preparing to collaborate with business partners to establish a Virtual Bank and aiming for Net Zero targets. The Company will also explore growth opportunities in Climate Tech. Furthermore, SCBX is progressing towards becoming an AI-first organization by integrating AI into all aspects of operations to enhance efficiency and meet evolving customer needs.”
