Earnings Report /
Thailand

Kasikornbank PCL: Profit in line with our estimate

  • Result was in line with our model

  • KBANK posted 2Q22 earnings of Bt10.8bn

  • Lending was up 1.3% QoQ as of end-June 2022

Poramet Tongbua
Poramet Tongbua

Equity Research Analyst

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Bualuang Securities
22 July 2022

We have a BUY call on KBANK, premised on loan growth (driven by corporate and retail business), a slightly fatter NIM (led by high-yield lending business expansion), and a lower credit cost (improving asset quality and debt-restructuring). The stock currently trades at a 2022 PER of 7.8x.

Result was in line with our model

KBANK posted 2Q22 earnings of Bt10.8bn, up 21% YoY but down 4% QoQ. The result was in line with our projection (and the Bloomberg consensus). Pre-provision operating profit came to Bt23.6bn, up by 1% YoY and 1% QoQ. 1H22 earnings comprise 52% of our full-year forecast of Bt42.7bn.