SCB Records 16% Growth in 2023 Earnings to Book THB43.5 Billion from Higher NII

SCB X Public Company Limited (SET: SCB) has announced its 2023 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2023 2022
Net Profit (Loss)
Million Baht
43,521.33 37,546.01
Earning Per Share
12.9300 11.1200
% Change 15.91

SCB reported a net profit of Baht 43,521 million in 2023, increased 15.91% from 2022. Total operating income rose by 10.8% YoY to Baht 171.1 billion. Operating expenses increased by 2.7% YoY to Baht 71.8 billion, leading to a significant decrease in the cost-to-income ratio to 42%, down from the previous year’s 45.2%. This reflects the bank’s commitment to effective cost management and the ongoing effort to increase operational efficiency.

In 2023, net interest income increased by 15.6% YoY, amounting to Baht 124,682 million. This growth was propelled by a 44 basis points expansion in NIM and a 2.1% YoY increase in loan volume.

Meanwhile, 4Q23 net profit came in at Baht 11.0 billion, representing a 53.9% rise YoY. Such results were driven by higher net interest income, investment income, and rigorous cost control, despite higher-than-expected credit cost and soft fee income. By business portfolio contribution, SCB Bank (Gen 1) remained the core profit growth contributor to group performance, while consumer finance group (Gen 2) recorded small profit and digital platform & ecosystem group (Gen 3) was steadfast in its discipline to establish best-in-class platforms with a clear path towards profitability.

The company set aside provisions of Baht 43.6 billion for 2023, a 28.9% YoY increase, as a prudent response to preemptively provide a cushion for global geopolitical uncertainties and an uneven economic recovery in Thailand. The non-performing loan (NPL) coverage ratio remained at 160%, consistent with last year’s level.

Overall asset quality is well under control. The NPL ratio was 3.4% at the end of 2023, slightly higher than the 3.3% recorded at the end of 2022. The capital adequacy ratio remained strong at 18.8% and the Return on Equity (ROE) at the end of 2023 stood at 9.3%.


“In 2023, SCBX focused on providing assistance to customers who continue to be affected by the COVID-19 crisis. Amid uneven domestic economic recovery, high household debt, and rising external risks, the company grew its unsecured consumer loans by 24% from the previous year, with outstanding loans in this segment amounting to approximately Baht 165 billion. This was in response to the Thai government’s policy on financial inclusion for the low-income segment. In addition, the company was actively promoting convenient accessibility through digital channels for retail investors to purchase SCBX’s debentures which offered a stable-return alternative despite highly volatile capital market conditions.

In the next phase of our strategy, the company will focus on improving efficiency, appropriately managing costs, developing technological capabilities, and enhancing financial stability. This approach aims to position SCBX as a key engine of economic development, expanding services to our customers, and creating shareholder value,” said Arthid Nanthawithaya, Chief Executive Officer of SCBX.

For 2024, SCBX has established performance targets, including loan growth of 3-5%, net interest margin of 3.7-3.9%, net fee income growth of low-mid single digits, cost to income ratio of 43-45%, and credit cost of 160-180bps.