บทวิเคราะห์ (Research)

We are neutral about TTB's earnings result. 4Q24 net profit was B5.1bn, in line with our forecast and Bloomberg consensus, falling 2.3%qoq due to higher operating expense (seasonal effect) but growing 5%yoy. Asset quality was still manageable. NPL/loan ratio decreased to 3.1% from 3.2% in 3Q24. Despite NPL sales and write-off, coverage ratio still increased to 151% from 149% in 3Q24.