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Ar 18 Eng.Pdf Our Vision: THE MOST ADMIRED BANK DIGITAL CONVENIENCE FOR EASIER LIVING Using advanced biometric technology for identity verification, the SCB EASY app lets new customers open a savings account by themselves anytime, anywhere. DIGITAL CONVENIENCE FOR EASIER LIVING Using advanced biometric technology for identity verification, the SCB EASY app lets new customers open a savings account by themselves anytime, anywhere. SMART DIGITAL LENDING FOR EVERYONE SCB EASY uses big data analytics to broaden customer access to personal loans and allow instant approval. SMART DIGITAL LENDING FOR EVERYONE SCB EASY uses big data analytics to broaden customer access to personal loans and allow instant approval. DIGITAL SOLUTIONS FOR THAI SMEs SCB brings street vendors into the “Industry 4.0” era. Our Total Business Solutions provides money management services for food cart franchisors and franchisees. DIGITAL SOLUTIONS FOR THAI SMEs SCB brings street vendors into the “Industry 4.0” era. Our Total Business Solutions provides money management services for food cart franchisors and franchisees. FINANCIAL LITERACY FOR ‘NEXT GEN’ THAIS “Keb Hom”, is an AI-based app that offers a model savings plan. This friendly yet powerful software helps young people learn financial discipline. FINANCIAL LITERACY FOR ‘NEXT GEN’ THAIS “Keb Hom”, is an AI-based app that offers a model savings plan. This friendly yet powerful software helps young people learn financial discipline. GOOD GOVERNANCE FOR A BETTER SOCIETY SCB emphasizes good corporate governance so that the Bank and society can both grow sustainably. It requires sound management, transparent processes and fairness. GOOD GOVERNANCE FOR A BETTER SOCIETY SCB emphasizes good corporate governance so that the Bank and society can both grow sustainably. It requires sound management, transparent processes and fairness. LIFE-LONG LEARNING FOR EMPLOYEES SCB helps our banking professionals grow so they can work with passion, flexibility and agility. This helps us provide better financial services that truly meet customer needs. LIFE-LONG LEARNING FOR EMPLOYEES SCB helps our banking professionals grow so they can work with passion, flexibility and agility. This helps us provide better financial services that truly meet customer needs. Contents Message from the Board of 016 Corporate Governance Directors Corporate Governance Report 2018 094 Internal Control and Risk Management 129 Related Party Transactions 134 Board of Directors and Nomination, Compensation and 136 Senior Executive Officers Corporate Governance Committee Report Report of the Executive Committee 138 Board of Directors 020 Report of the Technology Committee 139 Senior Executive Officers 029 Organization Structure 038 2018 Highlights Business Overview Financial Reports Thailand’s Economy in 2018 043 Report of the Board of Directors’ 141 and Outlook for 2019 Responsibility for the Financial Statements Total assets Digital Users Industry and Competition Review 044 Audit Committee Report 142 Business Overview and Strategy 047 Management Discussion and Analysis 147 Million Baht billion Over Users of the Bank and Its Subsidiaries Key Financial Statistics 161 3,187 9.0 Awards and Achievements in 2018 062 Independent Auditor’s Report 163 Financial Statements and Notes to the Financial Statements 169 Total loans Mae Manee Money Solution (QR code payment) Baht billion 2,141 Million Risk Management and 065 1.3 Merchants Risk Factors Corporate 39% Risk Oversight Committee Report 081 Supplementary Information 314 SME 16% Retail ATMs 45% 1,019 Corporate Social Responsibility Net profit SCB Sustainability Report 084 Report of the Corporate 085 Baht billion Branches Social Responsibility Committee 40 9,621 Contents Message from the Board of 016 Corporate Governance Directors Corporate Governance Report 2018 094 Internal Control and Risk Management 129 Related Party Transactions 134 Board of Directors and Nomination, Compensation and 136 Senior Executive Officers Corporate Governance Committee Report Report of the Executive Committee 138 Board of Directors 020 Report of the Technology Committee 139 Senior Executive Officers 029 Organization Structure 038 2018 Highlights Business Overview Financial Reports Thailand’s Economy in 2018 043 Report of the Board of Directors’ 141 and Outlook for 2019 Responsibility for the Financial Statements Total assets Digital Users Industry and Competition Review 044 Audit Committee Report 142 Business Overview and Strategy 047 Management Discussion and Analysis 147 Million Baht billion Over Users of the Bank and Its Subsidiaries Key Financial Statistics 161 3,187 9.0 Awards and Achievements in 2018 062 Independent Auditor’s Report 163 Financial Statements and Notes to the Financial Statements 169 Total loans Mae Manee Money Solution (QR code payment) Baht billion 2,141 Million Risk Management and 065 1.3 Merchants Risk Factors Corporate 39% Risk Oversight Committee Report 081 Supplementary Information 314 SME 16% Retail ATMs 45% 1,019 Corporate Social Responsibility Net profit SCB Sustainability Report 084 Report of the Corporate 085 Baht billion Branches Social Responsibility Committee 40 9,621 016 ANNUAL REPORT 2018 Message from the Board of Directors Dr. Vichit Suraphongchai Mr. Anand Panyarachun Mr. Arthid Nanthawithaya Director and Chairman of Chairman of the Board Director and the Executive Committee Chief Executive Officer THE SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED 017 Dear Shareholders Thailand’s economy grew by 4.1% in 2018, the As just one positive result, SCB’s digital user base highest rate in six years. The main growth drivers grew exponentially in 2018. The Bank joined forces were exports and tourism, which both expanded with its subsidiaries, namely Digital Ventures and SCB strongly in the first half of 2018, and the steady rise Abacus, to access advanced technologies, artificial in government investment in infrastructure projects, intelligence and big data analytics, integrating them which buoyed employment, household income and into its digital product development and business private consumption. However, economic growth processes. A new department known as SCB10X decelerated in the second half of the year as a was set up to spearhead development of strategic consequence of weaker exports amid a global products powered by digital technologies. The Bank economic slowdown and the U.S.-China trade war focused its business model on becoming the bank as well as a sharp decline in arrivals of tourists from of choice for all customer segments, particularly China. SMEs and retail customers. SCB continually offers employees training and development opportunities In 2018, financial institutions continued to adapt to to equip them with skills and insights for the new a business environment that is being transformed banking landscape as well as to prepare them for by digital technology. Customers have an the new work culture that values speed, agility and ever-growing array of choice of financial service customer centricity. providers. Financial institutions are being challenged by higher competition from banks as well as “disruptive” 2018 Financial Results non-bank players. At the same time, they must cope with rising exposure to cybersecurity risk. All these Consolidated net profit totaled Baht 40,068 million in factors mean that financial institutions need to be 2018, a decrease of 7.1% yoy from Baht 43,152 million more vigilant in their banking practices so as to in 2017 due to a 12.1% rise in operating expenses deliver satisfactory and secure services that match from the investment in technology infrastructure the needs of consumers and to ensure compliance and digital expansion under the SCB Transformation with policies, rules and regulations. Program. Non-interest income decreased by 4.7% due to lower net fee income as a result of the Bank’s Siam Commercial Bank pressed on with the overhaul decision to waive fees for routine digital transactions of its business and technological capabilities under and lower insurance income. its SCB Transformation Program, which commenced in mid-2016, under the vision to become “the Most Total operating income increased to Baht 138,225 million, Admired Bank”. This program is establishing the up by 1.5% yoy due to higher net interest income, structural foundations and business agility needed which rose 4.4% from loan growth. An increase in to ensure SCB’s dynamic responsiveness to operating expenses from the SCB Transformation uncertainties and intensified competition. The goal Program, which involves a three-year cycle of heavy is to transform SCB into a technology-driven and investment, caused the cost-to-income ratio to stand customer-centric bank. Development and deployment at 46.8% in 2018. However, the ratio is expected to of technological capabilities are a priority. The SCB steadily decline as benefits from the Transformation EASY mobile app has been continually updated and Program start to materialize from 2019 onward. improved to become a powerful and convenient digital platform, enabling a positive customer As of December 31, 2018, the Bank’s gross ratio experience and stronger customer engagement. of non-performing loans (NPLs) stood at 2.85%, 018 ANNUAL REPORT 2018 a slight increase from 2.83% at the end of 2017, due Key developments in corporate governance of to higher NPLs in the corporate portfolio, but offset the Bank in 2018 include the establishment of two by lower NPL ratios in the SME and retail segments. new Board committees, namely the Risk Oversight The Bank set aside
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