บทวิเคราะห์ (Research)

KBANK : Earnings Preview - Expect 4Q24F profit to increase y-y, decrease q-q We maintain a neutral outlook on 4Q24F net profit, which is expected to be 10.6 billion baht. Profit is expected to increase by 13% y-y due to a decrease in credit cost (ECL) as a result of higher provisions for potential uncertainties in 4Q23. However, profit is expected to decrease by 11% q-q due to a decline in fair value through profit (FVTPL) and an increase in operating expenses (OPEX) due to seasonal factors. Total loans are expected to increase by 1.4% q-q, representing a -0.9% ytd growth. The q-q increase is driven by corporate loans. Asset quality remains manageable with an NPL ratio of 3.25%, up from 3.20% in 3Q24. Overall, we favor KBANK and maintain it as our top pick for the banking sector along with KTB (BUY, TP 24 baht) due to KBANK's positive asset quality management. We expect credit cost to return to normal levels of 140-160 bps in 2025F.