Earnings Report /
Thailand

TMBThanachart Bank: Profit in line with our estimate

  • Result was in line our expectation

  • TTB posted 4Q22 earnings of Bt3.8bn

  • Lending dipped 1.3% QoQ for the quarter

Poramet Tongbua
Poramet Tongbua

Equity Research Analyst

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Bualuang Securities
23 January 2023

TTB will achieve modest profit growth and we anticipate a good dividend for 2023 of 3.8%. But the market already recognizes TTB’s potential and has fully priced it in, so our call is HOLD.

Result was in line our expectation

TTB posted 4Q22 earnings of Bt3.8bn, up by 37.5% YoY and 11.9% QoQ. The result was in line with our estimate (but was 11.4% above the Bloomberg consensus). 2022 profit comprises 101% of our full-year projection of Bt14.0bn.