TMBThanachart Bank sees 11% net profit growth in Q3

Net interest margin (NIM) may rise 4 basis points after a central bank rate cut.

TMBThanachart Bank (TTB) posted a net profit of THB5.2b in Q3 2024, up 11% year-on-year (YoY).

Despite the higher profits, the Thailand-based bank reported a loan contraction of 3% quarter-on-quarter (QoQ), whilst its loan portfolio fell 5.7% year-to-date (YTD), according to data from UOB Kay Hian.

TTB attributed the contraction to corporate loan repayment, and reaffirmed its plan to focus on “selectively growing a quality portfolio.”

“It intends to reduce corporate loans and increase high-yield loans to incorporate the rate cut outlook,” said UOBKH analyst Thanawat Thangchadakorn.

Net interest margin (NIM) is 3.26% in Q3, which UOBKH said was due to well-managed funding.

Thangchadakorn expects NIM to rise by 4 basis points (bp) after an expected 25bp rate cut by the central bank. Net profit will also increase by 4.8% after the rate cut.

UOBKH has revised TTB’s earnings forecasts for 2024-2026 upward by 2%, 4.5%, and 4.7%, respectively.

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