Earnings Report /
Thailand

Krung Thai Bank PCL: Profit in line with our model

  • Result was in line with our expectation

  • KTB posted 4Q22 earnings of Bt8.1bn

  • 4Q22 lending declined 0.7% QoQ

Poramet Tongbua
Poramet Tongbua

Equity Research Analyst

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Bualuang Securities
23 January 2023

We have a BUY call on KTB, premised on loan growth in 2023 (driven by corporate and retail business), a fatter NIM (retail lending expansion and higher interest rates), and higher non-NII (bancassurance sales, loan-related fee income, and other revenue). And we expect a good dividend for 2023 of 4.6%.

Result was in line with our expectation

KTB posted 4Q22 earnings of Bt8.1bn, up 64.0% YoY but down 4% QoQ. The result was in line with our estimate (and the Bloomberg consensus). Pre-provision operating profit came to Bt18.9bn, up by 24% YoY and 10% QoQ. 2022 earnings comprise 100% of our full-year forecast of Bt33.6bn.