บทวิเคราะห์ (Research)

BBL reported a 4Q24 net profit of Bt10.4bn (-17% QoQ, +17% YoY). The result was 2% above the market consensus and 11% above our forecast due to higher-than-expected NII growth and lower-than-forecast credit cost. The full-year net profit was Bt45.2bn (+9% YoY), driven by solid FVTPL gain and NII growth. Overall, the 4Q24 operation looked good with NIM improving and NPLs declining and pulling down credit cost. We maintain a rating of Outperform with a 2025 target price of Bt185 (PBV 0.6x).