บทวิเคราะห์ (Research)

We are neutral about TISCO's earnings result. 4Q24 net profit was B1.7bn, in line with our forecast and Bloomberg consensus, unchanged qoq while falling 4.4%yoy due to higher credit cost. Total income stayed unchanged. 4Q24 NPL ratio was under control at 2.35%, decreasingfrom 2.44% in 3Q24 thanks to strict loan policy and NPL write-off. 2025 net profit is expected to stay yoy. NIM is expected to improve after the interest rate passed the peak. Credit cost is expected to increase slowly thanks to "You Fight, We Help" debt relief measure.