Phillip Securities expects Krung Thai Bank Public Company Limited (SET: KTB) to report a 3Q26 net profit of THB 12.3 billion, representing a 16.1% year-on-year decrease due to lower interest income following loan rate reductions and a decline in gains from financial instruments. This is despite expectations of higher fee income and reduced interest costs and provisions. On a quarterly basis, net profit is projected to increase by 1.2% due to improved interest and fee income.
KTB’s loan growth is anticipated to continue in 3Q26, with an expected 3% quarter-on-quarter rise. This would bring year-to-date loan growth to 6.6% from the end of 2025, marking the highest rate among its banking peers. The continued loan expansion is also expected to contribute to a reduction in the NPL ratio from 2.92% in 2Q26.
As a result, Phillip maintains its full-year 2026 net profit estimate for KTB at THB 48.9 billion, a 1.4% increase year-on-year. The brokerage gives a ‘Gradual Buy’ recommendation on the stock and reiterates its target price of THB 46.00 per share. While upside may be limited, the firm sees KTB as the bank set to benefit most from government projects and notes its dividend prospects. For 2026, the bank is expected to pay a dividend of THB 2.10 per share, yielding 4.7%, and THB 2.21 per share in 2027, yielding 4.9%.
