BANGKOK: Siam Commercial Bank Pcl (SCB), Thailand's fourth-largest lender, reported a 29 percent rise in quarterly net profit on Wednesday, in line with market expectations, boosted by strong loan growth and improved net interest margins.
The lender said its July-September net profit reached 8.35 billion baht ($271.6 million), higher than 6.5 billion baht a year earlier and up from 8.1 billion in the second quarter.
It broadly met the 8.44 billion baht forecast from nine analysts polled by Reuters.
SCB has said it has 37 billion baht in loan exposure to areas of Thailand hit by flooding, but that accounts for just 2.8 percent of its loan book.
Analysts expect a negative impact on its interest income and loan growth from the flooding in the fourth quarter but the full-year outlook remains strong.
Shares in Siam Commercial Bank, valued at $12.6 billion, fell 4.5 percent in the third quarter versus an 11.9 percent drop in the banking sub-index .
The stock closed down 3.5 percent at 110.50 baht while the broader index was 1.9 percent lower on Tuesday.
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