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Siam Commercial Bank posts record high net profit in Q2
July 17, 2014 / 10:12 AM / in 3 years

Siam Commercial Bank posts record high net profit in Q2

BANGKOK, July 17 (Reuters) - Siam Commercial Bank (SCB) , Thailand’s third-largest lender by assets, reported a record high 16.4 percent rise in net profit on Thursday, due to lower operating costs, loan growth and gains from asset sales.

SCB earned a net profit of 14.7 billion baht ($457.37 million) in the April-June quarter, higher than the average 13.7 billion baht forecast by 13 analysts surveyed by Reuters. This compared with a 12.6 billion baht a year earlier.

Loans grew 4.9 percent year on year in the second quarter, but were down 0.1 percent from the previous quarter, it said in a statement.

The bank is expected to book a gain of 2.7 billion baht from the sale of its 60.86 percent stake in Siam Commercial Samaggi Insurance Co to ACE Group in April, analysts said.

SCB, which is 23.7 percent owned by the Thai royal family’s investment arm, maintained its loan growth target of 5-6 percent this year, slower than last year’s 12 percent.

$1 = 32.1400 Thai baht Reporting by Khettiya Jittapong; Editing by Matt Driskill

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