Bangkok: SCB X Public Company Limited (SCBX) has reported a consolidated net profit of Baht 10.0 billion for the second quarter of 2024, a 15.6% yoy decrease. For the first half of the year, the net profit was Baht 21.3 billion, a 6.9% yoy decrease. 

For the quarter, net interest income increased by 5.8% yoy to Baht 32.6 billion, resulting from an expansion in the net interest margin (NIM) and a slight overall loan growth of 0.6% yoy through strict new loan underwriting practices and a focus on quality customers amid a challenging business environment. Fee and other income declined by 8.3% yoy to Baht 10.3 billion, due to a decrease in bancassurance fees, transactional fees and lending-related fees. 

Operating expenses increased by 9.1% yoy to Baht 18.6 billion. Cost-to-income ratio excluding the one-off expenses from Robinhood app closure was at 41.2%.

The Company set aside provisions of Baht 11.6 billion, a 3.9% yoy decrease, which include a special provision to mitigate potential risks associated with one large corporate client. The non-performing loan (NPL) coverage ratio remained high at 161.7%.

Overall asset quality is well under control. The NPL ratio was 3.3% at the end of June 2024, slightly higher than the 3.2% recorded at the end of June 2023. The capital adequacy ratio remained strong at 18.8%.