The Siam Commercial Bank Public Company Limited reported unaudited consolidated and company earnings results for the fourth quarter and year ended December 31, 2015. For the full year, on a consolidated basis, the company reported net profit attributable to shareholders of the parent company of THB 47,182,412,000 compared to THB 53,334,623,000 a year ago. Earnings per share were THB 13.88 compared to THB 15.69 a year ago. Net interest income was THB 82,834,427,000 compared to THB 81,099,804,000 a year ago. Operating profit was THB 88,461 million compared to THB 80,041 million a year ago. ROE was 15.9% compared to 20.1% a year ago. ROA was 1.7% compared to 2.0% a year ago. The year-on-year drop in net profit was attributed to the substantially higher provision expense set aside as a cushion against asset quality deterioration, including full provisions according to the Bank of Thailand's requirements for Sahaviriya Steel Industries Pcl. (SSI) and the write-down of the loan to its subsidiary (SSI-UK), both of which were classified as NPLs in the third quarter of 2015. Net operating income was THB 137,408,892,000 against THB 128,129,832,000 a year ago. Profit before tax was THB 58,738,183,000 compared to THB 66,827,166,000 a year ago. Net interest income increased by 2.1%, year-on-year, in 2015. This increase came from lower cost-of-deposits, consistent with the Bank's strategy to reduce its cost of funding as well as from moderate loan growth. This increase was despite the negative impact of the two interest rate cuts in the first half of the year. As a result of the decline in net profit growth year-on-year, earnings per share (EPS) decreased 11.5% year-on-year.

For the fourth quarter of 2015, on a consolidated basis, the company reported net interest income of THB 21,418,417,000 compared to THB 20,460,280,000 a year ago. Net operating income was THB 32,314,906,000 compared to THB 31,845,971,000 a year ago. Profit before tax was THB 14,556,503,000 compared to THB 14,972,389,000 a year ago. Net profit was THB 11,809,620,000 compared to THB 12,304,109,000 a year ago. Net profit attributable to shareholders of the parent company was THB 11,794,885,000 compared to THB 12,230,476,000 a year ago. Basic earnings per share were THB 3.47 compared to THB 3.60 a year ago. ROE was 15.8% and ROA was 1.7%. For the fourth quarter of 2015, the Bank reported (unreviewed) consolidated net profit decreased 3.6% compared to the same quarter of the previous year, mainly from substantially higher provisions year-on-year. Net profit decreased largely due to significantly higher provisions which was partly offset by higher net interest income as a result of lower interest expenses on deposits and higher gain on sale of investments. On a quarterly basis, net interest income increased by 4.7% mainly due to lower interest expenses on deposits following the Bank's strategy to proactively reduce its cost of deposits relative to its peer group which was partly offset by lower interest income from interbank and money market and from investments following the interest rate cuts in the first half of 2015.

For the quarter, on a company basis, the company reported net interest income of THB 19,463,502,000 compared to THB 18,726,316,000 a year ago. Net operating income was THB 28,704,652,000 compared to THB 27,751,322,000 a year ago. Profit before tax was THB 11,662,648,000 compared to THB 11,657,190,000 a year ago. Net profit was THB 9,447,822,000 compared to THB 9,493,154,000 a year ago. Net profit attributable to shareholders of the parent company was THB 9,447,822,000 compared to THB 9,493,154,000 a year ago. Basic earnings per share were THB 2.78 compared to THB 2.80 a year ago.

For the full year, on a company basis, the company reported net profit attributable to shareholders of the parent company of THB 41,337,059,000 compared to THB 49,753,781,000 a year ago. Earnings per share were THB 12.16 compared to THB 14.64 a year ago. Net interest income was THB 75,369,951,000 compared to THB 74,590,337,000 a year ago. Net operating income was THB 126,810,660,000 compared to THB 119,963,362,000 a year ago. Profit before tax was THB 50,662,375,000 compared to THB 60,845,170,000 a year ago.

For the quarter, on a consolidated basis, the company reported impairment loss on loans and debt securities of THB 4,988,931,000 compared to THB 4,987,373,000 a year ago.

For the quarter, on a company basis, the company reported impairment loss on loans and debt securities of THB 15,998,351,000 compared to THB 3,565,000,000 a year ago.