Earnings Report /
Thailand

Krungthai Card PCL: Profit in line with our expectation

  • Result was in line with our projection

  • KTC posted 4Q22 earnings of Bt1.67bn

  • Lending expanded 6.7% QoQ during 4Q22

Poramet Tongbua
Poramet Tongbua

Equity Research Analyst

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Bualuang Securities
23 January 2023

KTC will achieve modest earnings growth this year and we expect a dividend for 2023 of 2.5%. But the market has already fully priced in the value of the stock, we believe, so our HOLD stands.

Result was in line with our projection

KTC posted 4Q22 earnings of Bt1.67bn, up 33.5% YoY but down 6.0% QoQ. The result was in line with our estimate (but was 11% shy the Bloomberg consensus). Pre-provision operating profit was Bt2.8bn, up by 16% YoY and 5% QoQ. 2022 earnings comprise 99% of our full-year projection of Bt7.2bn.