THE SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED 2021 Financial Results
Analyst Meeting Presentation
21 January 2022
IMPORTANT DISCLAIMER:
Information contained in this document has been prepared from several sources and the Bank does not confirm the accuracy and completeness of such data, particularly where the data is sourced from outside the Bank. In addition, any forward-looking statements are subject to change as a result of market conditions and the final result may be different to that indicated. The Bank makes no representation or warranty of any type whatsoever on the accuracy or completion of the information contained herein.
Today's agenda
1
2
3
Economic update
Key highlights
Review of 2021 results
4 2022 strategic priorities & financial guidance
Siam Commercial Bank PCL. | 2021 Analyst Meeting Presentation | 21 January 2022 | Page 2 / 50 |
1
Economic update
Siam Commercial Bank PCL. | 2021 Analyst Meeting Presentation | 21 January 2022 | Page 3 / 50 |
Economic outlook for 2022
Omicron has become the dominant COVID-19 variant globally, as daily infections reached a record high of 3 million in early January and total cases surpassed 300 million. The latest data suggests Omicron is highly transmissible but may be less deadly than other previous variants.
The EIC expects Omicron to cause further inflationary pressure through the first half of the year. Omicron poses heightened risks of supply disruption, especially for China and other manufacturing bases in Asia that boast zero- COVID policies, whereby factories and logistics facilities may face possible lockdowns or long delays. Meanwhile, global demand remains sold, esp. for durables, despite an expected drop in service activities owing to government containment measures and Omicron concerns.
The Fed and some major central banks are poised to tighten monetary conditions early amid a tight labor market
and rising inflation. The Fed pivot toward quelling inflation through a set of measures will introduce some volatility on capital movement and will cause a rise in long-term borrowing costs globally.
The EIC revised its forecast for Thailand's GDP growth to 3.2% as tourism, domestic activities, and exports slow due
to Omicron in 1Q22. The economy is expected to pick up in 2H22 as activities resume and tourism returns. Tourist arrivals are expected to total 5.9 million in 2022. With gradual recovery resulting from COVID-inflicted scars, the Thai economy will only return to the pre-pandemic level in mid-2023.
The EIC expects the MPC to hold the policy rate at 0.5% through 2022 to support fragile economic recovery amid
rising inflation caused by supply issues, which are expected to alleviate in the latter half of the year.
Siam Commercial Bank PCL. | 2021 Analyst Meeting Presentation | 21 January 2022 | Page 4 / 50 |
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SCB - Siam Commercial Bank pcl published this content on 21 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 January 2022 08:31:09 UTC.
