, Thailand
Photo courtesy of SCBX.

Thailand’s SCBX sees net profit rise 15.9% to $1.22b in 2023

Cost-to-income ratio decreased to 42% from 45.2% in 2022.

SCBX, the parent company of Siam Commercial bank, has reported a consolidated net profit of over $1.22b (THB43.5b) for 2023– 15.9% higher than a year earlier.

Total operating income has risen 10.8% to $4.8b (THB171.1b), SCBX shared in its latest financial report.

Operating expenses are up 2.7% to $2.01b (THB71.8b) compared with a year ago, leading to a decrease in teh cost-to-income ratio from 45.2% in 2022 to 42% in 2023.

SCB X chief executive Arthid Nanthawithaya said that the decrease reflects their commitment to “effective cost management and the ongoing effort to increase operational efficiency.”

ALSO READ: Thailand lays out measures to ease household debt crisis

“In the next phase of our strategy, the company will focus on improving efficiency, appropriately managing costs, developing technological capabilities, and enhancing financial stability. This approach aims to position SCBX as a key engine of economic development, expanding services to our customers, and creating shareholder value,” Nanthawithaya said in a statement, commenting on their financial results.

Unsecured consumer loans grew by 24% in 2023 compared to the previous year, with outstanding loans in this segment amounting to approximately $4.63b (THB165b).

(US$1 = THB35.57)

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