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Thailand's SCB Q3 net profit up 28 pct on lower provision
October 18, 2016 / 11:01 AM / a year ago

Thailand's SCB Q3 net profit up 28 pct on lower provision

BANGKOK, Oct 18 (Reuters) - Siam Commercial Bank Pcl’s (SCB) third-quarter net profit rose 28 percent from a year earlier due to higher net interest income and lower provision expenses, it said on Tuesday, despite a continued rise in bad debt.

Thailand’s third-largest bank by assets posted a net profit of 11.5 billion baht ($330 million), lower than the average 12.8 billion baht forecast by five analysts polled by Reuters.

Its non-performing loans were 2.85 percent of total lending at the end of September, versus 2.77 percent at the end of June, it said in a statement.

The bank’s loan loss provision dropped 56 percent from a year earlier to 7 billion baht, while its lending rose 5.3 percent, the statement said.

SCB, along with its peers, has endured sluggish loan demand over the past two years while earnings have been dragged down by rising provisions and bad debts.

Thailand’s oldest bank is 21.3 percent owned by the Thai royal family’s investment arm, the Crown Property Bureau. ($1 = 34.8800 baht) (Reporting by Khettiya Jittapong and Manunphattr Dhanananphorn; editing by Susan Thomas)

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