SCB X Public Company Limited (SCBX) has reported a consolidated net profit of Baht 10,941 million for the third quarter of 2024, a 13.2% yoy increase. For the first nine months of the year, the net profit was Baht 32,236 million, a 0.9% yoy decrease.For the quarter, net interest income increased by 3.5% yoy to Baht 32,635 million, resulting from an expansion in the net interest margin (NIM). Overall loans dropped slightly by 0.9% yoy as a result of prudent new loan underwriting amid a challenging business environment. Fee and other income declined by 7.5% yoy to Baht 9,985 million, mainly due to a decrease in bancassurance fees and lending-related fees.
Operating expenses decreased by 4.8% yoy to Baht 17,606 million. The cost-to-income ratio, excluding the impact from the Robinhood transaction, was at 40.9%.
The provisions of this quarter decreased by 10.4% yoy as there were no additional provisions set aside for geopolitical risks in this quarter compared to the same period last year. The non-performing loan (NPL) coverage ratio remained high at 163.9%.
The overall asset quality is well under control. The NPL ratio was 3.4% at the end of September 2024, slightly higher than the 3.3% recorded at the end of September 2023. The capital adequacy ratio remained strong at 19.0%.
Arthid Nanthawithaya, Chief Executive Officer of SCBX, commented:
"The Thai economy continues to recover slowly amid additional pressures from flooding in several areas. The Company continues to prioritize conducting business with prudence, focusing on quality growth and strengthening our financial position.
In the past quarter, SCBX led the consortium with two leading digital banks in the region, KakaoBank and WeBank, to submit an application for a virtual banking license. We believe that the virtual bank will expand opportunities to access to financial services and promote new innovations to better meet the needs of customers.
Additionally, SCBX completed the sale of our food delivery platform, Robinhood, to a group of investors led by Yip In Tsoi Co., Ltd.. This decision reflects our intention to pass on the Thai food delivery platform for Thais. This transaction aligns with our effective capital management strategy to sustainably create value for our shareholders."