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
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