Company Coverage
TMBThanachart Bank (TTB TB) 2Q26: Results Beat; Non-II Boosts Bottom Line
HOLD (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Bt2.96
Bt3.20
+8.1%
Bt2.30
Analyst
Analyst
Panjarat Thaweesriprasert
Highlights
- TTB reported a net profit of Bt5.51b in 2Q26, up 10% yoy and 7% qoq.
- We expect TTB to switch from share buyback to a cash dividend payment.
Maintain HOLD with a higher target price of Bt3.20 (previously Bt2.30).
Analysis
- 2Q26 results beat. TMBThanachart Bank (TTB) posted 2Q26 net profit of Bt5.51b (+10% yoy, +7% qoq). The results beat our and consensus estimates by 6% and 7% respectively. Excluding provisions, pre-provision operating profit (PPOP) increased by 2% yoy and 2% qoq.
- Loan portfolio grew qoq. Loan portfolio contracted 1.8% yoy but expanded 0.5% qoq in 2Q26. Net-interest income (NII) declined 9% yoy and 1% qoq. NIM slightly increased to 3.03% in 2Q26 from 3.02% in 1Q26. Non-interest income (non-II) increased 40% yoy and 11% qoq.
High-yield loans will be key drivers of NIM. TTB reiterated its commitment to growing its loan portfolio, with a focus on steering the loan mix toward highyield retail loan products. TTB has applied a risk-based pricing model to Cash2Go to acquire higher-quality, higher-yield loans. Meanwhile, the commercial loan segment remains selective, specifically targeting corporate
energy clients with lower risk and connections to solar farm projects to achieve growth.
Highlights
- TTB reported a net profit of Bt5.51b in 2Q26, up 10% yoy and 7% qoq.
- We expect TTB to switch from share buyback to a cash dividend payment.
Maintain HOLD with a higher target price of Bt3.20 (previously Bt2.30).
Analysis
- 2Q26 results beat. TMBThanachart Bank (TTB) posted 2Q26 net profit of Bt5.51b (+10% yoy, +7% qoq). The results beat our and consensus estimates by 6% and 7% respectively. Excluding provisions, pre-provision operating profit (PPOP) increased by 2% yoy and 2% qoq.
- Loan portfolio grew qoq. Loan portfolio contracted 1.8% yoy but expanded 0.5% qoq in 2Q26. Net-interest income (NII) declined 9% yoy and 1% qoq. NIM slightly increased to 3.03% in 2Q26 from 3.02% in 1Q26. Non-interest income (non-II) increased 40% yoy and 11% qoq.
High-yield loans will be key drivers of NIM. TTB reiterated its commitment to growing its loan portfolio, with a focus on steering the loan mix toward highyield retail loan products. TTB has applied a risk-based pricing model to Cash2Go to acquire higher-quality, higher-yield loans. Meanwhile, the commercial loan segment remains selective, specifically targeting corporate
energy clients with lower risk and connections to solar farm projects to achieve growth.
HOLD (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Bt2.96
Bt3.20
+8.1%
Bt2.30
Analyst
Analyst
Panjarat Thaweesriprasert
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