Mitihoon – Bangkok: SCB X Public Company Limited (SCBX) has reported a consolidated net profit of Baht 43,943 million for the year 2024, a 1.0% yoy increase. For the last quarter of the year, the net profit was Baht 11,707 million, a 6.5% 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.
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%.
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%.
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 the 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.”
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