We have a BUY call, premised on loan growth (driven by corporate and retail business), a fatter NIM, and lighter LLPs. BBL is currently one of our top picks among the big banks for its inexpensive valuation metrics and good dividend yield. BUY!
Earnings were 14% below our expectation
BBL reported a 2Q22 profit of Bt7.0bn, up 10% YoY but down 2% QoQ. The result was 14% below our projection (and 5% shy of the Bloomberg consensus), due to heavier OPEX and LLPs than assumed. Pre-provision operating profit came to Bt17.6bn, down 1% YoY but up 13% QoQ. 1H22 earnings comprise only 43% of our old full-year forecast of Bt32.6bn.