Thailand's Siam Commercial Bank posts 2022 profit of $3 mln in Vietnam

The Ho Chi Minh City branch of Siam Commercial Bank, the only Vietnamese branch of the Thai bank, recorded a post-tax profit of $2.92 million in 2022, nearly quadruple year-on-year.

The lender’s net interest income jumped 86.3% year-on-year to $6.92 million, according to its audited financial statement.

By end-2022, Siam Commercial Bank's loans to customers had increased 12.6% from end-2021 to $170.65 million, while its deposits at other credit institutions rose 19.7% to $138.14 million.

The bank’s total assets by end-2022 rose 7.6% from end-2021 to $331.33 million, while its liabilities climbed 11.5% to $197.3 million and its equity inched up 2.2% to $134.03 million.

The HCMC branch of Siam Commercial Bank, established in 2015, initially had registered capital of $25 million. In March 2019, the bank raised that figure to VND130.47 million.

Last August, Kasikornbank, another lender from Thailand, opened a branch in HCMC, saying it aimed to attract 1.2 million clients and disburse over $500 million in Vietnam before 2023.

Kasikornbank has operated two representative offices in Hanoi and HCMC since 2015. The bank, also called KBank, eyes to expand its Vietnam operations to 8.4 million customers and outstanding loans to 180 billion baht ($5.22 bln) by 2027, the lender said last month.