Company Coverage
Krung Thai Bank (KTB TB): 3Q26: Results In Line; Credit Costs Decline QOQ
BUY (Maintained)
Current price:
Target price:
Upside:
Bt43.25
Bt52.00
20.2%
Analyst
Highlights
- KTB reported a net profit of Bt12.6b, down 14% yoy but up 4% qoq.
- Loan portfolio grew 5.1% yoy in 9M26.
- Maintain BUY with a target price of Bt52.00.
Analysis
- 3Q26 results in line. Krung Thai Bank (KTB) reported a 3Q26 net profit of Bt12.6b, down 14% yoy but up 4% qoq. The results were in line with our and consensus forecasts. KTB’s pre-provision operating profit decreased 14% yoy and flat qoq in 3Q26.
- Loan portfolio grew yoy and qoq in 3Q26. KTB reported outstanding loans of around Bt2.87t in 3Q26, up 10% yoy and 2% qoq, primarily driven by retail, corporate, and government loans. In 9M26, the loan portfolio grew 5.1%, higher than loan growth target of 0-2% in 2026.
- NII weakened yoy. KTB reported a net interest income (NII) of Bt23.4b in 3Q26 (-10% yoy, +1% qoq). Meanwhile, NIM contracted from 2.45% in 2Q26 to 2.44% in 3Q26. In 9M26, NIM was reported at 2.45%, within the target range of 2.35-2.5% in 2026.
Highlights
- KTB reported a net profit of Bt12.6b, down 14% yoy but up 4% qoq.
- Loan portfolio grew 5.1% yoy in 9M26.
- Maintain BUY with a target price of Bt52.00.
Analysis
- 3Q26 results in line. Krung Thai Bank (KTB) reported a 3Q26 net profit of Bt12.6b, down 14% yoy but up 4% qoq. The results were in line with our and consensus forecasts. KTB’s pre-provision operating profit decreased 14% yoy and flat qoq in 3Q26.
- Loan portfolio grew yoy and qoq in 3Q26. KTB reported outstanding loans of around Bt2.87t in 3Q26, up 10% yoy and 2% qoq, primarily driven by retail, corporate, and government loans. In 9M26, the loan portfolio grew 5.1%, higher than loan growth target of 0-2% in 2026.
- NII weakened yoy. KTB reported a net interest income (NII) of Bt23.4b in 3Q26 (-10% yoy, +1% qoq). Meanwhile, NIM contracted from 2.45% in 2Q26 to 2.44% in 3Q26. In 9M26, NIM was reported at 2.45%, within the target range of 2.35-2.5% in 2026.
BUY (Maintained)
Current price:
Target price:
Upside:
Bt43.25
Bt52.00
20.2%
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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