Magazine names SCB ‘Bank of the Year’

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Magazine names SCB ‘Bank of the Year’

By The Nation

 

Siam Commercial Bank (SCB) has been named “Bank of the Year 2017” by Money & Banking, Thailand’s leading monthly business and financial magazine, with Kasikornbank and Bangkok Bank ranked second and third.

 

The announcement was made in the magazine’s April issue based on the performance of 14 commercial banks during 2016. 

 

Of the total profits of more than Bt199 billion earned by Thai commercial banks last year, SCB enjoyed a net profit of Bt47.612 billion – the highest in the industry – with its impressive profit growth attributed to an increase in net interest income and fee-based income. 

 

Non-performing loans incurred by the bank dropped to 2.67 per cent due to an improvement in the quality of corporate loans. Nonetheless, the NPL portion incurred by SME (small and medium-sized enterprise) and retail – or individual – clients increased marginally as the country’s economy was still in recovery, the magazine said.

 

SCB also enjoyed the highest net profit margin at 29.02 per cent and the maximum return on equity at 14.84 per cent. 

 

The bank’s return on assets stood at 2.08 per cent, the second highest in the industry. 

 

With a new vision of becoming “The Most Admired Bank”, SCB is strongly determined to forge ahead with its “SCB Transformation” strategy this year, the magazine said. 

 

Project implementation is expected to take three to four years, with a total investment of Bt30 billion-Bt40 billion focusing on developing the foundation of the organisation, boosting new competence, and remodelling the existing business approach. 

 

Kasikornbank, in second place, earned a net profit of Bt40.174 billion, the second highest in the banking industry, and the highest earnings per share at Bt16.79. 

 

The bank has adopted a three-year strategy to boost growth potential and build long-term business returns and leadership through the application of technologies and collaboration with partners and start-ups to introduce innovative financial products and services and the upgrading of selling and service quality, the magazine said.

 

Third-place Bangkok Bank remains the country’s largest commercial bank in terms of assets, which were valued at Bt2.944 trillion at the end a year in which it made net profit of Bt31.814 billion. 

 

With a firm adherence to its “Your Financial Partner and Trusted Friend” slogan, the bank has managed to maintain its well-established relationship with clients, said Money & Banking.

 

Fourth place was shared by two banks – Krungthai Bank and Kiatnakin Bank – followed by Tisco Bank, Thanachart Bank, Bank of Ayudhya and Land and Houses Bank.

 

TMB Bank and ICBC (Thai) Bank shared 10th place, followed by UOB Bank, Thai Credit Retail Bank and CIMB Thai Bank.

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Ranking Results for ‘Bank of the Year 2017’

Ranking /Name 

1 Siam Commercial Bank 

2 Kasikornbank 

3 Bangkok Bank 

=4 Krungthai Bank and Kiatnakin Bank 

6 Tisco Bank 

7 Thanachart Bank 

8 Bank of Ayudhya 

9 Land and Houses Bank

=10 TMB Bank and ICBC (Thai)

12 Union Overseas Bank (Thai)

13 Thai Credit Retail Bank

14 CIMB Thai Bank

 

Source: http://www.nationmultimedia.com/news/business/30311925

 

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