Company Coverage
Krung Thai Bank (KTB TB): 3Q26: Results In Line; Credit Costs Decline QOQ
BUY (Maintained)
Current price:
Target price:
Upside:
Bt43.25
Bt52.00
20.2%
Analyst
Highlights
- KTB reported a net profit of Bt12.6b, down 14% yoy but up 4% qoq.
- Loan portfolio grew 5.1% yoy in 9M26.
- Maintain BUY with a target price of Bt52.00.
Analysis
- 3Q26 results in line. Krung Thai Bank (KTB) reported a 3Q26 net profit of Bt12.6b, down 14% yoy but up 4% qoq. The results were in line with our and consensus forecasts. KTB’s pre-provision operating profit decreased 14% yoy and flat qoq in 3Q26.
- Loan portfolio grew yoy and qoq in 3Q26. KTB reported outstanding loans of around Bt2.87t in 3Q26, up 10% yoy and 2% qoq, primarily driven by retail, corporate, and government loans. In 9M26, the loan portfolio grew 5.1%, higher than loan growth target of 0-2% in 2026.
- NII weakened yoy. KTB reported a net interest income (NII) of Bt23.4b in 3Q26 (-10% yoy, +1% qoq). Meanwhile, NIM contracted from 2.45% in 2Q26 to 2.44% in 3Q26. In 9M26, NIM was reported at 2.45%, within the target range of 2.35-2.5% in 2026.
Highlights
- KTB reported a net profit of Bt12.6b, down 14% yoy but up 4% qoq.
- Loan portfolio grew 5.1% yoy in 9M26.
- Maintain BUY with a target price of Bt52.00.
Analysis
- 3Q26 results in line. Krung Thai Bank (KTB) reported a 3Q26 net profit of Bt12.6b, down 14% yoy but up 4% qoq. The results were in line with our and consensus forecasts. KTB’s pre-provision operating profit decreased 14% yoy and flat qoq in 3Q26.
- Loan portfolio grew yoy and qoq in 3Q26. KTB reported outstanding loans of around Bt2.87t in 3Q26, up 10% yoy and 2% qoq, primarily driven by retail, corporate, and government loans. In 9M26, the loan portfolio grew 5.1%, higher than loan growth target of 0-2% in 2026.
- NII weakened yoy. KTB reported a net interest income (NII) of Bt23.4b in 3Q26 (-10% yoy, +1% qoq). Meanwhile, NIM contracted from 2.45% in 2Q26 to 2.44% in 3Q26. In 9M26, NIM was reported at 2.45%, within the target range of 2.35-2.5% in 2026.
BUY (Maintained)
Current price:
Target price:
Upside:
Bt43.25
Bt52.00
20.2%
Analyst
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