Bangkok Commercial Asset Management Public Company Limited (SET: BAM) recorded a net profit of THB 201 million for the third quarter of 2026, alongside THB 3,619 million in total cash collections. Net interest income fell 29.5% year-over-year to THB 1,354 million, pressured by lower gains on purchased receivables, while total interest income slid 24.5% to THB 2,041 million.
Key Financial Highlights
- Net Profit: THB 201 million for 3Q26; THB 652 million for 9M26.
- Total Collections: THB 3,619 million, led by NPL debt restructuring and NPA sales.
- NPA Momentum: NPA collections rose 22.1% YoY to THB 1,562 million.
- Credit Loss Relief: Expected Credit Loss (ECL) dropped 49.1% YoY to THB 699 million.
The Non-Performing Loan (NPL) segment generated THB 2,057 million in collections, down 13.2% YoY. However, core cash collection via regular repayments grew 24.5% YoY to THB 1,380 million, with debt restructuring (TDR) comprising over 67.1% of total NPL recoveries. Legal Execution Department (LED) collections declined 46.3% YoY to THB 677.5 million.
Conversely, Non-Performing Assets (NPA) business momentum accelerated, delivering THB 1,562 million in collections, up 22.1% YoY. Outright property sales rose 19.0% to THB 1,320 million, while installment sales surged 112.8% to THB 238 million. Market-aligned promotional pricing drove asset turnover, though it temporarily squeezed property sale margins, pulling gain on sales down 11.6% YoY to THB 297 million.
Earnings were bolstered by a 49.1% YoY reduction in provisions, as Expected Credit Loss (ECL) decreased to THB 699 million. Total interest expenses dropped 12.5% YoY to THB 687 million, reflecting disciplined liability management. Joint venture contributions added THB 33 million to Q3 earnings.
BAM maintained a stable capital structure with THB 89,873 million in total liabilities and a debt-to-equity ratio of 2.05 times. Cost of funds eased to 3.03%, supported by October’s THB 4.5 billion social bond issuance at a 2.69% weighted average interest rate.
Management anticipates a stronger fourth quarter driven by pending transaction closings. BAM plans to lower funding costs to ~3.00% by year-end. Expanding its strategic footprint, BAM approved a new 50:50 joint venture with Krungthai Alliance Holding, targeting a THB 50 billion corporate distressed asset portfolio to expand group AUM toward THB 600 billion.
