Earnings Report /
Thailand

Siam Commercial Bank PCL/The: Profit in line with our number

  • Earnings were in line with our expectation

  • SCB reported 1Q22 earnings of Bt10.2bn

  • Lending increased 1.1% QoQ for 1Q22

Poramet Tongbua
Poramet Tongbua

Equity Research Analyst

Bualuang Securities
22 April 2022

We have a BUY call on SCB to a YE22 target price of Bt146, premised on loan growth (driven by corporate and retail business), lighter LLPs, non-NII expansion, and good cost management.

Earnings were in line with our expectation

SCB reported 1Q22 earnings of Bt10.2bn, up by 1% YoY and 29% QoQ. The result was in line with our projection (and the Bloomberg consensus). Pre-provision operating profit came to Bt21.7bn, down by 4% YoY and 1% QoQ. 1Q22 earnings comprise 25% of our full-year forecast of Bt40.9bn.