NCAP hits record profits, expands loans, and raises cheap bonds
Record Q2 and H1 profits beat expectations NCAP reported a record second-quarter net profit of 197 million baht, up 10% from the previous quarter and 34% year-on-year, bringing first-half profit to a record 376 million baht, up 34%. This strong earnings growth shows the company is making more money and supports a higher stock price.
This is the core new financial result that directly drives the stock's value.
Loan portfolio grows 15% with lower bad loans New loans in the first half totaled 3.635 billion baht, up 15%, pushing the total loan book above 10.9 billion baht. The non-performing loan ratio fell to 1.28%, meaning fewer borrowers are failing to repay. This healthy growth supports future profits and makes the stock more attractive.
Loan growth and better asset quality are key drivers of future earnings and investor confidence.
Bond issuance raises funds at low cost NCAP is issuing two series of bonds with interest rates of 5.10% and 5.25% per year, open for subscription on September 7–9, 2026. The money will be used to expand the business. This gives the company cheaper funding to grow its loan portfolio, which can boost future profits.
The bond offering is a new capital-raising event that funds growth and affects the company's cost of money.
Analysts see more growth ahead, name NCAP a top pick Yuanta Securities initiated coverage with a buy rating and a 6 baht target, citing a record profit outlook and cheap valuation. It later named NCAP in its Tier 1 list of most interesting small and mid-caps for third-quarter earnings growth. This positive analyst attention can attract more buyers.
Analyst recommendations and target prices often influence investor demand and the stock price.