Siam Commercial Bank Plc (SCB) reported a net profit of 20.8 billion baht (~$630 million) in 2009, down 3.1 percent from 21.4 billion baht in 2008.

The bank’s profits went down slightly despite of higher earning comparing to the previous year.

SCB Executive Chairman Vichit Suraphongchai noted that 2009 is very challenging year for the bank. The economy and competition changes their respective landscapes rapidly. However, with its staffers’ ability to adapt to the situation quickly, it has seen growth in all the aspects.

But the bank said total allowance to non-performing loans stood critically high at 95.4 percent at end of 2009, comparing with 83.3 percent for 2008.