บทวิเคราะห์ (Research)

We are neutral about KBANK's earnings result. 4Q24 net profit was B10.5bn, in line with our forecast while 9% above Bloomberg consensus, falling 12%qoq due to higher operating expense (seasonal effect) but growing12%yoy thanks to lower credit cost. Asset quality was not stable. Although NPL decreased and coverage ratio rose slightly, State 2 loans increased mainly from loans under in debt restructuring (DR).