SCB X Public Company Limited (SCBX) reported a consolidated net profit of Baht 10,195 million for the first quarter of 2026. While the bottom line saw an 18.5% year-on-year decrease due to policy rate cuts, the group achieved double-digit growth in fee income and officially established its virtual banking arm, BankX, to drive long-term digital value.
In Q1 2026, net interest income reached THB 26,781 million, a 13.7% decline from the previous year. This compression followed five consecutive policy rate cuts—four in 2025 and one in February 2026. Despite the margin pressure, total loans grew by 3.4% year-to-date, fueled by the expansion of mortgage lending and large corporate portfolios.
Fee Income Surges 17.7% Across All Categories
Contrasting the decline in interest income, fee and other income rose significantly to THB 11,962 million. This growth was broad-based, led by wealth management, lending-related services, and transactional fees. Increased activity in investment banking and capital markets further bolstered the group’s non-interest revenue streams.
Operating expenses declined by 2.3% to THB 16,662 million, reflecting the group’s rigorous cost discipline and resulting in a cost-to-income ratio of 42.4%. Asset quality remained stable, with the NPL ratio improving to 3.23% (down from 3.29% in the prior quarter). Provisions also decreased by 4.4% as credit loss expectations improved for both SCB Bank and CardX, maintaining a healthy coverage ratio of 162.3%.
Macroeconomic Challenges: Energy and Geopolitics
Arthid Nanthawithaya, Chief Executive Officer of SCBX, noted that the first quarter of 2026 presented a challenging backdrop for the Thai economy, as prolonged conflict in the Middle East exerted significant pressure on both the global and domestic economic environment. The ripple effects — including elevated energy prices, higher import costs, and headwinds to the export and tourism sectors — inevitably transmitted through to household and business operating costs.
Against this backdrop of uncertainty, SCBX remained firmly committed to supporting our customers and business operators in maintaining business continuity. We engaged closely with clients to assess the impact, recommend adaptive strategies, and provide targeted assistance to help viable businesses recover over the long term. In parallel, we conducted a comprehensive review of the loan portfolios across SCB and its subsidiaries to assess debt serviceability and the adequacy of provisioning, while maintaining a disciplined balance between prudent risk management and the pursuit of quality loan growth.
On the strategic front, SCBX established BankX Bank Public Company Limited, a virtual bank, in partnership with global partners KakaoBank and WeBank Technology Services. We are confident that BankX will serve as a key enabler in expanding financial inclusion, elevating the customer experience through digital services, creating new value for Thailand’s financial system, and driving sustainable long-term value creation across the SCBX group.”
AI to Dominate 50% of Cyber Incident Response by 2028: Gartner
AIS, MHESI, and Chulalongkorn University launch free AI literacy course
