On Tuesday, the share price of Kasikornbank Public Company Limited (SET: KBANK) at the time of 11.08 a.m. was at THB 176.00, a THB 3.00 or 1.73% increase with a total trading value of THB 1,717.85 million.
Finansia Syrus Securities (FSS) stated in its research analysis on KBANK following the company’s 3Q25 net profit report of THB 13.0 billion, which increased by 6% year-on-year and 4% quarter-on-quarter. The result exceeded analyst estimates by 18% and Bloomberg Consensus estimates by 16%.
Key surprises included non-interest income (non-NII) that surpassed forecasts, driven by mark-to-market gains amounting to THB 3.96 billion, realized gains of THB 713 million, and dividend income of THB 767 million. Operating expenses (OPEX) were also lower than expected, resulting in a cost-to-income ratio of only 42.6% in 3Q25, compared to FSS’ estimate of 44.2%.
Overall, asset quality remains well-managed and aligned with previous forecasts, with the non-performing loan (NPL) ratio at 3.76%, stable quarter-on-quarter. Credit cost for 3Q25 was 168 basis points, higher than the bank’s 140–160 basis point target and also above FSS’ estimate of 162 basis points.
For investment strategy, the brokerage firm maintains a “Top Buy” recommendation with a target price of THB 190.
