Company Coverage
Krungthai Card (KTC TB): 2Q26: Results Beat; Credit Cost And NPL Ratio Down QOQ
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Bt39.00
Bt50.00
+29.03%
Bt44.00
Analyst
Highlights
- KTC reported a net profit of Bt2.23b in 2Q26, up 17% yoy and 3% qoq.
- KTC will prioritise maintaining good asset quality.
- Maintain BUY with a higher target price of Bt50.00 (previously Bt44.00).

Analysis
- 2Q26 results beat. Krungthai Card (KTC) posted a 2Q26 net profit of Bt2.23b, up 17% yoy and 3% qoq. The results beat our and consensus estimates by 11% and 6% respectively. Excluding provisioning, the company’s pre-provision operating profit rose 3% yoy and was flat qoq.
- Loan portfolio was flat qoq in 2Q26. KTC’s loan growth expanded 0.6% yoy but was flat qoq in 2Q26. In 1H26, its gross credit card portfolio grew 0.2% yoy while credit card spending jumped 5% yoy. Meanwhile, KTC’s gross personal loan portfolio rose 3.2% yoy in 1H26. Overall, total loan portfolio grew 0.6% in 1H26. We forecast a 2.1% yoy growth in loan portfolio in 2026, compared with KTC’s guidance of 1-2%.

Highlights
- KTC reported a net profit of Bt2.23b in 2Q26, up 17% yoy and 3% qoq.
- KTC will prioritise maintaining good asset quality.
- Maintain BUY with a higher target price of Bt50.00 (previously Bt44.00).

Analysis
- 2Q26 results beat. Krungthai Card (KTC) posted a 2Q26 net profit of Bt2.23b, up 17% yoy and 3% qoq. The results beat our and consensus estimates by 11% and 6% respectively. Excluding provisioning, the company’s pre-provision operating profit rose 3% yoy and was flat qoq.
- Loan portfolio was flat qoq in 2Q26. KTC’s loan growth expanded 0.6% yoy but was flat qoq in 2Q26. In 1H26, its gross credit card portfolio grew 0.2% yoy while credit card spending jumped 5% yoy. Meanwhile, KTC’s gross personal loan portfolio rose 3.2% yoy in 1H26. Overall, total loan portfolio grew 0.6% in 1H26. We forecast a 2.1% yoy growth in loan portfolio in 2026, compared with KTC’s guidance of 1-2%.

BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Bt39.00
Bt50.00
+29.03%
Bt44.00
Analyst
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