SCB nets US$630.6 million for 2009

SCB reported a 2009 net profit of US$630.6 million--almost at par with the record high set in 2008. In addition, the Bank reported a resumption of loan growth at 2.5 percent, significantly higher fee income at 10.9 percent.

The bank's NPL was down at 4.4 percent from 5.1 percent in 2008. Also, the Bank's ability to control expenses contributed to the solid financial performance in what was, by any measure, a very difficult year.

Dr. Vichit Suraphongchai, Chairman of its Executive Committee, noted that the 2009 results strongly bear out the resilience of the Bank in adapting to a very challenging and uncertain economic environment during the year.

"The solid 2009 profitability was driven by robust fee income growth, sharp improvement in loan quality despite adverse headwinds, and the resumption in lending growth in the last quarter. These results and the underlying trends point, yet again, to the unique and powerful competitive position of the Bank. The results also underscore the agility of the Bank's employees to quickly shift gear and snugly fit with the rapidly evolving Thai economic landscape," said Suraphongchai.

The main driver of the Bank's solid financial performance was the continued growth in fee income, particularly from its cards, bancassurance and fund management products and, during the last quarter, from its resurgent corporate finance services.

Fee income for 2009 was US$573 million, up from US$518.49 million in 2008, and grew 10.9 percent year on year leveraging from the largest national distribution network, superior sales capabilities, and optimised products and services.

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