SCBX ANNOUNCED SECOND-QUARTER PROFIT OF BAHT 10.1 BILLION
SCB X Public Company Limited (SCBX) reported consolidated net profit of Baht 10.1 billion for the second quarter of 2022, up 14.0% from the same period last year, while pre-provision operating profit went up 7.9% to Baht 22.8 billion from net interest income growth. For the first half of 2022, net profit increased 6.3% yoy to Baht 20.1 billion. For the second quarter of 2022, net interest income rose 11.0% yoy to Baht 26.1 billion from higher yields as well as the company’s selective loan growth strategy that targets high quality loans.
Non-interest income fell 2.8% yoy to Baht 12.6 billion which partly reflected unfavorable market conditions impacting the wealth management business and lower gains on investment. However, a rebound in the transactional banking business following the country’s reopening helped shore up non-interest income.
Expenses increased 3.7% yoy to Baht 15.9 billion with a higher level of overall business activity. However, cost-to-income ratio came down from the same period last year to 41.2% in the second quarter.
Non-performing loan (NPL) ratio declined to 3.58% at the end of June 2022 from 3.70% at the end of March 2022. In addition, NPL coverage ratio rose to 153.3% from 143.9% at the end of March 2022 and capital adequacy ratio remained robust at 18.7%.
Arthid Nanthawithaya, Chief Executive Officer of SCBX, commented: “Throughout the first half of 2022, SCBX had been able to deliver steady profit growth by meeting total revenue target and exercising strict cost control. At the same time, SCBX has always taken a prudent approach to management and, therefore, has raised provisions to enhance balance sheet strength and add an extra cushion against volatility from external factors and inflation headwinds. Moreover, the group’s tech subsidiaries have been experiencing rapid growth; for example, Robinhood platform has grown its user base to more than 3.1 million customers with gross merchandise value (GMV) 7 times higher than the same period last year. In addition, SCB Abacus and MONIX have both had 3 times higher outstanding balance with accelerated customer growth to more than 4.5 million users. As for the new business frontier, AutoX has opened more than 700 branches nationwide and is ready to go full steam ahead in the second half of the year. These are all part of the ‘mothership’ strategy to create value to become a regional fintech player.”
