The company should do better in 2H21, when the current COVID-19 outbreak has passed. Furthermore, we expect higher NII and bigger gains from NPA sales this year.
1Q21 profit was 65% below our estimate
BAM posted 1Q21 earnings of Bt247m, down by 65% YoY and 65% QoQ. The result was 65% below our estimate, due to lower NII and non-NII and heavier LLPs than assumed. The firm marked NII of just Bt1.5bn; we had assumed Bt2.0bn. Pre-provisioning operating profit was Bt1.6bn, down by 24% YoY and 30% QoQ, due to lower NII and non-NII. Earnings for 1Q21 comprise 9% of our full-year projection of Bt2.8bn.