บทวิเคราะห์ (Research)

BBL : Earnings Result - Better-than-expected result, but high NPL BBL reported a 3Q24 net profit of Baht 12.5 billion, 9% better than our and market expectations. However, we saw asset quality deterioration, NPL Ratio jumps to 3.40% from 3.20% in 2Q24 due to existing debtors downgrading, from uncertainties in economic recovery. We revised our forecasts i) 2024F net profit increased by +5% due to gain on investment (FVTPL) and credit cost ii) 2025-26F net profit decreased by -(3-4)% due to the downward trend in interest rates. We maintain NEUTRAL rating with TP25F of Baht 148 as i) NPL Ratio is likely to continue increasing ii) BBL has negatively impact on interest rates cut, so we expect 2025F net profit growth -3% y-y iii) we believe BBL will be the last bank who gets benefit from the government stimulus.