Tisco expects bank group Q3/26 profit at 64.5 billion baht, picks KTB, KBANK, TTB as top stocks

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Tisco Securities expects the combined net profit of the seven commercial banks under its coverage in the third quarter of 2026 to reach 64.5 billion baht, up 4% quarter-on-quarter but down 7% year-on-year. The performance is supported by a recovery in net interest margin, which has begun to stabilise after the Bank of Thailand's policy rate cut cycle ended. Net interest margin is expected to expand by about 2 basis points quarter-on-quarter, while total loans are likely to decline by about 0.2% quarter-on-quarter, though net interest income is still expected to grow by about 1% quarter-on-quarter. Fee income is forecast to grow 3% quarter-on-quarter and 12% year-on-year. On special items, Tisco said most banks have no significant items, except KTB, which may record an investment gain of about 3.7 billion baht from the revaluation of its 75% stake in Thai Airways International after the silent period ended in August. Tisco maintains an OVERWEIGHT view on the banking sector, with top picks KTB, KBANK and TTB. It expects BBL to post a profit of 10.128 billion baht, down 26.6% year-on-year but up 6.6% quarter-on-quarter. KBANK is expected to post a profit of 12.491 billion baht, down 4.0% year-on-year and down 5.7% quarter-on-quarter. KTB is expected to post a profit of 14.57 billion baht, down 0.3% year-on-year but up 20.2% quarter-on-quarter. SCB is expected to post a profit of 11.213 billion baht, down 7.0% year-on-year but up 0.9% quarter-on-quarter, while KKP is expected to post a profit of 2.116 billion baht, up 26.7% year-on-year but down 0.3% quarter-on-quarter.

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Tisco forecasts BBL Q3/26 profit of 10.128bn baht, down 26.6% y/y but up 6.6% q/q.

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