We expect TTB to achieve earnings growth of 19% YoY for 2022, driven by lending (loans were down 0.4% QoQ as of end-Mar, but we expect TTB to mark lending expansion through 2H22), lighter OPEX and LLPs. However, the market has already fully priced in expanded expectations for the stock, so our HOLD call stands.
Result was 10% above our expectation
TTB announced 1Q22 earnings of Bt3.2bn, up by 15% YoY and 14% QoQ. The result was 10% above our projection (and 13% ahead of the Bloomberg consensus), due to lighter OPEX and LLPs than we had assumed. Pre-provision operating profit came to Bt8.8bn, down 1% YoY but up 3% QoQ. 1Q22 earnings comprise 25.6% of our full-year forecast of Bt12.5bn.