Pi Securities expects TTB's third-quarter profit at 5.4 billion baht, raises dividend payout to 70%

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Summary · why it matters

Pi Securities estimates TTB's net profit in the third quarter of 2026 at 5.4 billion baht, up 3% year on year but down 1% quarter on quarter. Net interest income rose on NIM and fee income, particularly from the capital markets business, while profit fell on lower dividend income. Total loans are expected to decline 0.5% quarter on quarter, bringing loans in the first nine months of 2026 down 2.3% from the start of the year, dragged by large corporate loans, housing loans, and auto hire-purchase loans. NIM held steady at 3.1%, with an expected NPL ratio of 3% and a coverage ratio of 157%. The research team raised its net profit forecasts by 1% and 3% for 2026-2027 and lifted the dividend payout ratio to 70% from 60%, maintaining a hold rating with a target price of 3.20 baht. TTB also announced a wealth management partnership with DBS, under which the baht-denominated investment portfolios of DBS Vickers Securities Thailand clients will be transferred to TTB Wealth, completed in 2027. Net profit in 2027 is expected to fall about 7% year on year as the bank resumes paying taxes around the second to third quarter of 2027, after remaining tax benefits of 3.4 billion baht as of the end of the second quarter of 2026.

Impact on assets 2

Financials▲
TMBThanachart Bank Public Company Limited
TTB
▲ PositiveCapitalDemandrelevance

Pi Securities raised TTB's 2026-2027 profit forecasts and lifted the dividend payout ratio to 70% from 60%, maintaining a hold with a 3.20 baht target price.

Others▲

Off-coverage companies 1

DBS Vickers Securities (Thailand) Co., Ltd.i
Private± MixedCompetitionrelevance

DBS Vickers Securities Thailand's baht-denominated client portfolios will be transferred to TTB Wealth under the partnership, a passing mention with no clear positive or negative impact on DBS Vickers itself.