Company Coverage
Bangkok Bank (BBL TB) 2Q26: Results Miss; Loan Portfolio Growth Within Target
BUY (Maintained)
Current price:
Target price:
Upside:
Bt200.00
Bt220.00
+10.0%
Analyst
Highlights
- BBL reported a 2Q26 net profit of Bt9.5b, down 20% yoy and 14% qoq.
- Opex increased qoq due to accrued expenses and IT-related costs.
Maintain BUY with a target price of Bt220.00.
Analysis- 2Q26 results miss. Bangkok Bank (BBL) posted a 2Q26 net profit of B9.5b, down 20% yoy and 14% qoq. The results missed our and consensus forecasts by 15% and 11% respectively due to a qoq increase in opex. The bank’s net interest income (NII) declined 12% yoy and 1% qoq in 2Q26. NIM fell from 2.49% in 1Q26 to 2.42% in 2Q26. BBL’s pre-provision operating profit dropped 16% yoy and 10% qoq in 2Q26.
Loan portfolio grew qoq in 2Q26. BBL reported outstanding loans of around Bt2.7t in 2Q26, contracting 1.4% yoy but growing 0.6% qoq. In 1H26, the loan portfolio grew 2.7%, within its 2026 loan growth target of 2-3%.
Highlights
- BBL reported a 2Q26 net profit of Bt9.5b, down 20% yoy and 14% qoq.
- Opex increased qoq due to accrued expenses and IT-related costs.
Maintain BUY with a target price of Bt220.00.
Analysis- 2Q26 results miss. Bangkok Bank (BBL) posted a 2Q26 net profit of B9.5b, down 20% yoy and 14% qoq. The results missed our and consensus forecasts by 15% and 11% respectively due to a qoq increase in opex. The bank’s net interest income (NII) declined 12% yoy and 1% qoq in 2Q26. NIM fell from 2.49% in 1Q26 to 2.42% in 2Q26. BBL’s pre-provision operating profit dropped 16% yoy and 10% qoq in 2Q26.
Loan portfolio grew qoq in 2Q26. BBL reported outstanding loans of around Bt2.7t in 2Q26, contracting 1.4% yoy but growing 0.6% qoq. In 1H26, the loan portfolio grew 2.7%, within its 2026 loan growth target of 2-3%.
BUY (Maintained)
Current price:
Target price:
Upside:
Bt200.00
Bt220.00
+10.0%
Analyst
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at the following link: https://research-api.uobkayhian.com/assets/disclaimer/df64a6ea-7980-447c-ae9e-fd19b93257dc, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
