Company Coverage
Bangkok Bank (BBL TB): 3Q26: Results In Line With Consensus; Showing Clean Loan Portfolio
BUY (Maintained)
Current price:
Target price:
Upside:
Bt182.50
Bt220.00
20.5%
Analyst
Highlights
- BBL reported a 3Q26 net profit of Bt9.5b, down 31% yoy and flat qoq.
- Permata Bank remains resilient amid the panic in Indonesia.
- Maintain BUY with a target price of Bt220.00.

Analysis
- 3Q26 results in line with consensus. Bangkok Bank (BBL) posted a 3Q26 net profit of B9.5b, down 31% yoy and flat qoq. The results missed our expectations by 10% but were in line with consensus forecasts. The key miss to our forecast was the higher-than-expected opex. BBL’s pre-provision operating profit dropped 25% yoy and 1% qoq in 3Q26.
- Loan portfolio grew qoq in 3Q26. BBL reported outstanding loans of around Bt2.7t in 3Q26, growing 3.0% yoy and 0.4% qoq. In 9M26, the loan portfolio grew 3.2%, within its 2026 loan growth target of 2-3%. The bank is confident that it can achieve its loan growth target in 2026.

Highlights
- BBL reported a 3Q26 net profit of Bt9.5b, down 31% yoy and flat qoq.
- Permata Bank remains resilient amid the panic in Indonesia.
- Maintain BUY with a target price of Bt220.00.

Analysis
- 3Q26 results in line with consensus. Bangkok Bank (BBL) posted a 3Q26 net profit of B9.5b, down 31% yoy and flat qoq. The results missed our expectations by 10% but were in line with consensus forecasts. The key miss to our forecast was the higher-than-expected opex. BBL’s pre-provision operating profit dropped 25% yoy and 1% qoq in 3Q26.
- Loan portfolio grew qoq in 3Q26. BBL reported outstanding loans of around Bt2.7t in 3Q26, growing 3.0% yoy and 0.4% qoq. In 9M26, the loan portfolio grew 3.2%, within its 2026 loan growth target of 2-3%. The bank is confident that it can achieve its loan growth target in 2026.

BUY (Maintained)
Current price:
Target price:
Upside:
Bt182.50
Bt220.00
20.5%
Analyst
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