Kiatnakin Phatra Q1 net profit surge 84% on fee growth and lower losses

Credit costs did rise in Q1 as the bank braces for the geopolitical impact.

Kiatnakin Phatra Bank logged higher than forecasted net profits in Q1 2026 on strong net fee income growth, robust dividend income, and lower-than-expected losses from sales of repossessed cars, according to CGS International.

Its Q1 net profit was $60.95m (THB1.96bn), a surge of 84% year-on-year (YoY) and 10.4% quarter-on-quarter (QoQ). This is 10% above CGSI’s forecast, said analyst Weerepat Wonk-Urai.

The Thailand-based bank's non-performing loan (NPL) ratio narrowed to 4.1% in Q1 2026, from 4.3% in Q4 2025.

It did raise credit costs of 111 basis points (bp) in Q1, up from 82bp in Q4 22025, partly for the management to overlay from the impact of the Middle East war, Wonk-Urai wrote.

Net fee income grew 23.9% YoY, although it is a slight decline of 0.3% from Q4 2025.

Net interest margin is assumed to fall between 3.95% to 3.96% for 2026, whilst loan growth expectations are 2% to 2.1% between 2026 and 2028.

(US$1 = THB32.16)