บทวิเคราะห์ (Research)

KBANK reported a 4Q24 net profit of Bt10.5bn (-12% QoQ, +12% YoY). The result was 13% above the market consensus and 19% above our forecast due mainly to operating expenses rising less than expected. Guidance from the bank indicates it will pursue credit cost reduction and cost efficiency. Hence, we reduce our assumption on the C/I ratio and fine-tune our earnings forecasts up 3% for 2025F and 4% for 2026F. We maintain a Neutral rating with a 2025 target price of Bt175 (PBV 0.7x), from Bt162.