We expect TTB to achieve earnings growth of 25% YoY for 2022, driven by lending. The loanbook had expanded 1.6% YTD, as of end-June, so we expect the bank to mark lending expansion through 2H22 and achieve our 2022 loan growth target of 3.5% YoY. Our model also points to lighter OPEX and LLPs.
Result was 7% above our expectation
TTB announced 2Q22 earnings of Bt3.4bn, up by 36% YoY and 8% QoQ. The result was 7% above our projection (and 11% ahead of the Bloomberg consensus), due to lighter LLPs than we had assumed. Pre-provision operating profit came to Bt8.6bn, up 2% YoY but down 2% QoQ. 1H22 earnings comprise 53.3% of our old full-year forecast of Bt12.4bn.