Earnings Report /
Thailand

Kasikornbank PCL: Profit in line with our estimate

  • Result was in line with our model

  • KBANK posted 1Q22 earnings of Bt11.2bn

  • Lending was up 1.5% QoQ as of end-March 2022

Poramet Tongbua
Poramet Tongbua

Equity Research Analyst

Bualuang Securities
22 April 2022

We have a BUY call on KBANK, premised on loan growth (driven by corporate and retail business), a slightly fatter NIM (led by expansion of high-yield lending), and lighter LLPs (improving asset quality and debt restructuring). The stock currently trades at a 2022 PER of 8.6x.

Result was in line with our model

KBANK posted 1Q22 earnings of Bt11.2bn, up by 5% YoY and 13% QoQ. The result was in line with our projection (and the Bloomberg consensus). Pre-provision operating profit came to Bt23.2bn, down 1% YoY but up 6% QoQ. 1Q22 earnings comprise 26% of our full-year forecast of Bt42.7bn.