Phillip Securities (Thailand) estimates that BAY will post net profit of approximately 8.2 billion baht in the third quarter of 2569, down 6.9% from the same period a year earlier and down 1.4% from the previous quarter, pressured by lower interest income following cuts in loan rates, as well as lower investment gains. Non-interest income is also likely to decline, and expenses are expected to rise. However, net profit for the first nine months of 2569 is expected to come in at 25.1 billion baht, up 2% from the same period a year earlier, supported by higher fee income and lower interest costs. As for the loan outlook, the research team expects BAY's loans in the third quarter of 2569 to contract by about 0.5% from the previous quarter, bringing loans back to a contraction of roughly 0.1% year-to-date compared with the end of 2568. The contraction in loans could pressure the non-performing loan ratio to rise from 3.08% in the second quarter of 2569. The research team maintains its net profit forecast for BAY in 2569 at 33.2 billion baht, up 4.7% from the same period a year earlier, and keeps its target price at 48 baht with a buy recommendation, citing the gap between the share price and fundamental value that remains at an attractive level.
Bank of Ayudhya PCLPhillip Securities estimates BAY's Q3 2569 net profit at 8.2 billion baht, down 6.9% YoY, pressured by lower interest income and investment gains.
