After all commercial banks have announced their operating results for 4Q25 and the full year 2025, investors are now focusing on the “dividend” for the second half of 2025. According to an analyst survey by Phillip Securities (Thailand), the banking sector remains one of the groups providing consistently high returns.
The dividend yield for the sector in 2025 is estimated to be around 3.2-8.2%. Although several banks have already paid interim dividends, the dividend for the second half is expected to remain high at around 1.6-6.7%, reflecting the strength of profits and capital base.
The estimation for the second half of 2025 dividend payment for all eight commercial banks shows that the banking sector remains attractive for dividend yield in the Thai stock market, particularly during periods of market volatility, and attracts investors interested in stable income. The details are as follows:
- SCB X PCL (SET: SCB) is expected to offer the highest return in the group, with a dividend payment of THB 9.28 per share, equating to a dividend yield of about 6.87%.
- Kasikornbank PCL (SET: KBANK) is expected to pay the highest absolute amount at THB 10.25 per share, providing a yield of about 5.47%.
- TISCO Financial Group PCL (SET: TISCO) continues to stand out as a dividend stock, with an expected dividend of THB 5.75 per share, giving a return of 5.13%.
- Krung Thai Bank PCL (SET: KTB) is expected to pay a dividend of THB 1.27 per share, or a yield of about 4.5%.
- Bangkok Bank PCL (SET: BBL) is expected to pay a dividend of THB 6.50 per share, providing a return of around 4.15%.
- Kiatnakin Phatra Bank PCL (SET: KKP) stands at THB 2.50 per share, or a yield of 3.48%.
- TMBThanachart Bank PCL (SET: TTB), even with a dividend of 0.04 baht per share, still provides a yield of about 2.02%.
- Bank of Ayudhya PCL (SET: BAY) is expected to pay THB 0.40 per share, or a yield of about 1.58%.
Krungsri Securities (KSS) stated that Thai commercial banks remain focused on capital management and are likely to increase dividend payments, assessing that in 2025-2026, banks will continue to offer high dividend yields at around 5-8%. This is attractive compared to the volatile market environment, mainly due to a strong capital base.
As of 3Q25, the Common Equity Tier 1 (CET1) capital ratio stood at 15-19%, while the overall Tier 1 capital ratio was at 15-21%. The Capital Adequacy Ratio (CAR) was at 19-23%, all significantly higher than the Bank of Thailand’s minimum requirements, which are 8% for CET1, 9.5% for Tier 1, and 12% for CAR—reflecting the sector’s ability to deliver returns to shareholders without undermining financial stability.
Moreover, the interim dividend for the first half of 2025 announced by several banks remained equal to or higher than the same period last year. At the same time, the sector has no major investment plans in the short term, allowing banks to be more flexible in distributing surplus earnings as dividends.
“It is expected that most banks will gradually announce their second-half 2025 dividends during February 2026, which may become another factor boosting attractiveness for bank stocks, especially for investors who seek stable cash flow stocks,” Krungsri Securities noted.
