BBL’s 2023 earnings growth will be driven by lending expansion (chiefly, corporate business) and higher non-NII. We currently forecast a 2023 profit of Bt34.7bn, up 11% YoY, and anticipate a dividend yield for 2023 of 3.5%. Our investment horizon rolls over to YE23 with a new target price of Bt164, pegged to a PBV of 0.58x.
Result was in line with our expectation
BBL reported a 3Q22 profit of Bt7.7bn, up by 10.8% YoY and 10.0% QoQ. The result was in line with our projection (and the Bloomberg consensus). Pre-provision operating profit came to Bt19.7bn, up by 7% YoY and 12% QoQ. 9M22 earnings comprise 70% of our full-year forecast of Bt31.2bn.