Company Coverage
Bangkok Bank (BBL TB): 3Q26: Results In Line With Consensus; Showing Clean Loan Portfolio
BUY (Maintained)
Current price:
Target price:
Upside:
Bt182.50
Bt220.00
20.5%
Analyst
Highlights
- BBL reported a 3Q26 net profit of Bt9.5b, down 31% yoy and flat qoq.
- Permata Bank remains resilient amid the panic in Indonesia.
- Maintain BUY with a target price of Bt220.00.

Analysis
- 3Q26 results in line with consensus. Bangkok Bank (BBL) posted a 3Q26 net profit of B9.5b, down 31% yoy and flat qoq. The results missed our expectations by 10% but were in line with consensus forecasts. The key miss to our forecast was the higher-than-expected opex. BBL’s pre-provision operating profit dropped 25% yoy and 1% qoq in 3Q26.
- Loan portfolio grew qoq in 3Q26. BBL reported outstanding loans of around Bt2.7t in 3Q26, growing 3.0% yoy and 0.4% qoq. In 9M26, the loan portfolio grew 3.2%, within its 2026 loan growth target of 2-3%. The bank is confident that it can achieve its loan growth target in 2026.

Highlights
- BBL reported a 3Q26 net profit of Bt9.5b, down 31% yoy and flat qoq.
- Permata Bank remains resilient amid the panic in Indonesia.
- Maintain BUY with a target price of Bt220.00.

Analysis
- 3Q26 results in line with consensus. Bangkok Bank (BBL) posted a 3Q26 net profit of B9.5b, down 31% yoy and flat qoq. The results missed our expectations by 10% but were in line with consensus forecasts. The key miss to our forecast was the higher-than-expected opex. BBL’s pre-provision operating profit dropped 25% yoy and 1% qoq in 3Q26.
- Loan portfolio grew qoq in 3Q26. BBL reported outstanding loans of around Bt2.7t in 3Q26, growing 3.0% yoy and 0.4% qoq. In 9M26, the loan portfolio grew 3.2%, within its 2026 loan growth target of 2-3%. The bank is confident that it can achieve its loan growth target in 2026.

BUY (Maintained)
Current price:
Target price:
Upside:
Bt182.50
Bt220.00
20.5%
Analyst
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This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
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