Company Coverage
Kasikorn Bank (KBANK TB): 3Q26: Results In Line; Reiterate Achieving 2026 Credit Cost Target
BUY (Maintained)
Current price:
Target price:
Upside:
Bt234.00
Bt285.00
21.8%
Analyst
Highlights
- KBANK reported a net profit of Bt12.7b in 3Q26 (-2% yoy, -4% qoq).
- NIM has almost stabilised qoq in 3Q26.
- Maintain BUY with a target price of Bt285.00.
Analysis
- 3Q26 results in line. Kasikorn Bank (KBANK) posted a 3Q26 net profit of Bt12.7b (-2% yoy, -4% qoq). The actual results were in line with our and consensus estimates. KBANK's pre-provision operating profit declined 2% yoy and dropped 4% qoq in 3Q26. Net interest-income (NII) declined by 8% yoy but went up 1% qoq in 3Q26. NIM contracted from 2.90% in 2Q26 to 2.89% in 3Q26. Meanwhile, non-interest income (non-II) increased by 6% yoy but was down 12% qoq. The gain on financial instruments measured at FVPL was reported at Bt3.5b in 3Q26 (2Q26: 4.8b, 3Q25: Bt4b). Meanwhile, investment gain was at Bt627m in 3Q26 (2Q26: Bt379m, 3Q25: Bt713m).
- Neutral tone during analyst meeting. Management maintains credit cost target for 2026 at 140-160bp, despite the credit cost being reported at the high end of the target range at 160bp. Management guided that the bank continues to maintain a prudent and cautious lending policy.
Highlights
- KBANK reported a net profit of Bt12.7b in 3Q26 (-2% yoy, -4% qoq).
- NIM has almost stabilised qoq in 3Q26.
- Maintain BUY with a target price of Bt285.00.
Analysis
- 3Q26 results in line. Kasikorn Bank (KBANK) posted a 3Q26 net profit of Bt12.7b (-2% yoy, -4% qoq). The actual results were in line with our and consensus estimates. KBANK's pre-provision operating profit declined 2% yoy and dropped 4% qoq in 3Q26. Net interest-income (NII) declined by 8% yoy but went up 1% qoq in 3Q26. NIM contracted from 2.90% in 2Q26 to 2.89% in 3Q26. Meanwhile, non-interest income (non-II) increased by 6% yoy but was down 12% qoq. The gain on financial instruments measured at FVPL was reported at Bt3.5b in 3Q26 (2Q26: 4.8b, 3Q25: Bt4b). Meanwhile, investment gain was at Bt627m in 3Q26 (2Q26: Bt379m, 3Q25: Bt713m).
- Neutral tone during analyst meeting. Management maintains credit cost target for 2026 at 140-160bp, despite the credit cost being reported at the high end of the target range at 160bp. Management guided that the bank continues to maintain a prudent and cautious lending policy.
BUY (Maintained)
Current price:
Target price:
Upside:
Bt234.00
Bt285.00
21.8%
Analyst
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