SCB wins Money & Banking magazine's Bank of the Year 2023 award
SCB has been crowned Bank of the Year 2023 by Money and Banking magazine. The ranking is based on operating results of 12 Thai commercial banks from January 1 to December 31, 2022.
Siam Commercial Bank (SCB) has been crowned Bank of the Year 2023 by Money and Banking magazine.
The ranking is based on operating results of 12 Thai commercial banks from January 1 to December 31, 2022.
SCB recorded a net profit of 53.63 billion baht last year, up 51.51%, and a net profit per share of 15.95 baht, the highest in the Thai commercial banking system.
The positive performance was attributed to strong growth in net interest income, profits from the sale of subsidiaries and business transfers in line with the group's SCBX restructuring plan, reduced reserves allocation, and efficient cost management.
SCB has set a goal to become Thailand’s leading digital bank for wealth management. The bank said it is also transitioning from a full-service bank to a business-oriented bank, particularly in wealth management and insurance product sales, with focus on digital banking.
SCB has issued a four-point business plan for 2023.
Under its digitalisation target, 90% of all transactions will be conducted through digital channels.
It also plans to strengthen wealth management services by enhancing skills and digital tools of its financial advisers, maintain an expense-to-income ratio of not more than 40%, and develop asset quality by giving weight to high-quality customers amid fluctuating interest rates and economic volatility.
Lastly, for sustainability the bank is targeting another 100 billion baht in green financing by 2025.
