The Siam Commercial Bank rises 16.6% in 2010

BANGKOK, 24 January 2011 (NNT) – The Siam Commercial Bank (SCB) is now enjoying a record net profit for its operation in 2010 of about 24 billion THB, an increase of 16.6% from the operation in 2009.

According to SCB CEO Wichit Surapongchai, loan approvals of the bank in the first three quarters of last year had been growing continuously, and the performance in the fourth quarter was exceptional. SCB loans in 2010 hence expanded by 12.6% from the previous year, the highest in three years.

Not only the loan amount, loan quality for 2010 had also improved. The level of low quality loans reduced to 3.25%, compared with 4.41% at the end of 2009. The drop had been the lowest since the economic crisis.

The bank hence concluded its net profit last year at 24.206 billion THB, rising 16.6% from 2009 thanks to expansion of both interest and non-interest incomes.

Meanwhile, the Thai Military Bank (TMB) reported its net profit for 2010 at 3.202 billion THB, an increase from 1.945 billion THB in 2009. The earning per share was at 0.07 THB.