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
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