Company Coverage
Kiatnakin Phatra Bank (KKP TB): 2Q26: Results Beat; A Positive Surprise From Non-II
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Bt109.50
Bt135.00
+23.30%
Bt105.00
Analyst
Highlights
- KKP reported a net profit of Bt2.12b in 2Q26, up 51% yoy and 9% qoq.
- Losses from the sale of repossessed cars continued to decrease.
- Upgrade to BUY with a higher target price of Bt135.00 (previously: Bt105.00).
Analysis
- 2Q26 results beat expectations. Kiatnakin Phatra Bank (KKP) reported a
net profit of Bt2.12b for 2Q26, increasing 51% yoy and 9% qoq. The results
beat our and consensus expectations by 29% and 17%, respectively. The key positive surprise was non-II coming in 69% higher than our expectation, mainly attributable to: a) an impressive fee and service income, and b) dividend income of Bt231m in 2Q26 (1Q26: Bt305m, 4Q25: Bt43m). Excluding provisioning, pre-provision operating profit jumped 35% yoy and 7% qoq.
Loan portfolio grew qoq. In 2Q26, KKP reported loan outstanding of Bt362b, down 1% yoy but up 1.4% qoq. The qoq loan expansion supports KKP’s loan growth target of 3% yoy for 2026. In 1H26, the loan portfolio grew 3.1% yoy. We expect a loan growth of 3.6% yoy in 2026.
Highlights
- KKP reported a net profit of Bt2.12b in 2Q26, up 51% yoy and 9% qoq.
- Losses from the sale of repossessed cars continued to decrease.
- Upgrade to BUY with a higher target price of Bt135.00 (previously: Bt105.00).
Analysis
- 2Q26 results beat expectations. Kiatnakin Phatra Bank (KKP) reported a
net profit of Bt2.12b for 2Q26, increasing 51% yoy and 9% qoq. The results
beat our and consensus expectations by 29% and 17%, respectively. The key positive surprise was non-II coming in 69% higher than our expectation, mainly attributable to: a) an impressive fee and service income, and b) dividend income of Bt231m in 2Q26 (1Q26: Bt305m, 4Q25: Bt43m). Excluding provisioning, pre-provision operating profit jumped 35% yoy and 7% qoq.
Loan portfolio grew qoq. In 2Q26, KKP reported loan outstanding of Bt362b, down 1% yoy but up 1.4% qoq. The qoq loan expansion supports KKP’s loan growth target of 3% yoy for 2026. In 1H26, the loan portfolio grew 3.1% yoy. We expect a loan growth of 3.6% yoy in 2026.
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Bt109.50
Bt135.00
+23.30%
Bt105.00
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.