Company Coverage
Kasikorn Bank (KBANK TB): 3Q26: Results In Line; Reiterate Achieving 2026 Credit Cost Target
BUY (Maintained)
Current price:
Target price:
Upside:
Bt234.00
Bt285.00
21.8%
Analyst
Highlights
- KBANK reported a net profit of Bt12.7b in 3Q26 (-2% yoy, -4% qoq).
- NIM has almost stabilised qoq in 3Q26.
- Maintain BUY with a target price of Bt285.00.
Analysis
- 3Q26 results in line. Kasikorn Bank (KBANK) posted a 3Q26 net profit of Bt12.7b (-2% yoy, -4% qoq). The actual results were in line with our and consensus estimates. KBANK's pre-provision operating profit declined 2% yoy and dropped 4% qoq in 3Q26. Net interest-income (NII) declined by 8% yoy but went up 1% qoq in 3Q26. NIM contracted from 2.90% in 2Q26 to 2.89% in 3Q26. Meanwhile, non-interest income (non-II) increased by 6% yoy but was down 12% qoq. The gain on financial instruments measured at FVPL was reported at Bt3.5b in 3Q26 (2Q26: 4.8b, 3Q25: Bt4b). Meanwhile, investment gain was at Bt627m in 3Q26 (2Q26: Bt379m, 3Q25: Bt713m).
- Neutral tone during analyst meeting. Management maintains credit cost target for 2026 at 140-160bp, despite the credit cost being reported at the high end of the target range at 160bp. Management guided that the bank continues to maintain a prudent and cautious lending policy.
Highlights
- KBANK reported a net profit of Bt12.7b in 3Q26 (-2% yoy, -4% qoq).
- NIM has almost stabilised qoq in 3Q26.
- Maintain BUY with a target price of Bt285.00.
Analysis
- 3Q26 results in line. Kasikorn Bank (KBANK) posted a 3Q26 net profit of Bt12.7b (-2% yoy, -4% qoq). The actual results were in line with our and consensus estimates. KBANK's pre-provision operating profit declined 2% yoy and dropped 4% qoq in 3Q26. Net interest-income (NII) declined by 8% yoy but went up 1% qoq in 3Q26. NIM contracted from 2.90% in 2Q26 to 2.89% in 3Q26. Meanwhile, non-interest income (non-II) increased by 6% yoy but was down 12% qoq. The gain on financial instruments measured at FVPL was reported at Bt3.5b in 3Q26 (2Q26: 4.8b, 3Q25: Bt4b). Meanwhile, investment gain was at Bt627m in 3Q26 (2Q26: Bt379m, 3Q25: Bt713m).
- Neutral tone during analyst meeting. Management maintains credit cost target for 2026 at 140-160bp, despite the credit cost being reported at the high end of the target range at 160bp. Management guided that the bank continues to maintain a prudent and cautious lending policy.
BUY (Maintained)
Current price:
Target price:
Upside:
Bt234.00
Bt285.00
21.8%
Analyst
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, 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.
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