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Baht/$ 33.47/52
Bid/Ask
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GOLD |
15,200
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Siam Industrial Credit Plc (SICCO) posted first-half net profits of 122.7 million baht, up sharply from 24.3 million in the same period in 2007. Second-quarter profit was 60.7 million baht, up from 4.3 million a year earlier.
Net revenues in the first half were 863.89 million baht, up from 717.22 million in the same period last year. Average interest rates in the first half dropped to 3.49% from 4.97% a year earlier.
SICCO said first-half interest and dividend income dropped 12.39% year-on-year to 1.076 billion baht due to stricter loan approvals for car and motorcycle hire-purchase loans. Interest income from hire-purchase operations fell 4.68% year-on-year, while investment income also slid from lower dividends and lower market rates.
The company set aside 201.95 million baht in provisions for bad loans in the first half, up 36.47 million from last year. Non-performing loans for cars were 2.87% of its total at the end of June and 23.24% for motorcycle loans.
Operating expenses fell 3.64% year-on-year to 476.11 million baht in the first half, although losses for sales of foreclosed assets and asset devaluation charges jumped 26.97% to 222.19 million.
Net assets at the end of June were 29.58 million baht, down 6.2% from the end of 2007. Borrowings and deposits fell 7.31% in the first half to 24.69 billion baht. Non-performing loans at the end of June were 910.76 million baht, or 3.74% of total loans after provisions, compared with 4.61% at the end of 2007.
Shares of SICCO closed yesterday on the SET at 2.98 baht, up eight satang, in trade worth 1.9 million baht.
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