Kasikornbank Public Company (KBANK) investor relations material

Executive summary

• Q3 net profit attributable to equity holders was Baht 12,720mn, down 3.98% QoQ; 9M net profit was Baht 40,635mn, up 3.43% YoY. Excluding Baht 1,455mn one-off investment compensation, 9M profit was Baht 39,311mn, near the prior-year level.

• 9M26 loan growth reached 3.63% YTD; NIM was 2.89%, net fee income rose 16.33% YoY, and operating expenses fell 3% YoY.

• Double-digit ROE remains an aspiration, with timing dependent on macroeconomic conditions; capital buffers and asset quality remain priorities.

Financial highlights

• Q3 net interest income was Baht 31,602mn, up 0.54% QoQ; NIM was 2.89%, versus 2.90% in Q2 and 3.24% in Q3 2025.

• 9M net interest income fell 8.87% to Baht 94,992mn; non-interest income rose 21.51% to Baht 51,894mn, leaving net operating income nearly flat at Baht 146,886mn.

• 9M non-interest income growth reflected wealth management, improved insurance performance, fees and investment income, plus Baht 1,455mn of one-off compensation income in Q1.

• Net fee income rose 16.33% YoY, led by wealth management and mutual funds, but fell 5.29% QoQ to Baht 9,841mn amid weaker market conditions and standardized fee regulations.

• Q3 net operating income was Baht 47,641mn, down 4.19% QoQ; expenses fell 4.14% to Baht 19,892mn, while ECL rose 3.09% to Baht 10,329mn. 9M operating expenses fell 3% to Baht 59.92bn.

Outlook and guidance

• 2026 targets: loan growth 0–2%, net fee income growth in the mid-to-high single digits, cost-to-income ratio in the mid-40s, credit cost 140–160 bps, and gross NPL ratio below 3.25%.

• Credit cost was 1.60% for 9M, at the top of the 2026 target range; operating expenses are expected to rise in Q4 due to seasonal spending.

• Medium-term priorities include a ≥15% CET1 target and dividend payout of 50–60%; double-digit ROE remains an aspiration subject to macro conditions.

• Q4 government consumption stimulus may support activity, but fiscal constraints limit its expected impact; fragile household purchasing power, flooding and elevated energy and production costs weigh on the outlook.