Bangkok Bank Public Company Limited provides various commercial banking products and services in Thailand and internationally. It operates through Domestic Banking, International Banking, Investment Banking, and Others segments. The company provides various personal banking products and services, including savings, current, fixed deposit, foreign currency deposit, securities trading, and other accounts; home and personal loans, as well as loans for pensioners; mutual funds; bonds and debentures; life and non-life bancassurance products; payment, funds transfer, currency exchange and foreign instrument, and SMS services; debit, credit, travel, and prepaid cards; and internet and mobile banking, ATM, and other services. It also offers business banking products and services comprising operating accounts; e-bank confirmation on blockchain, loans for SMEs, and electronic guarantee services, as well as online payments for buyers/dealers; securities services, such as custodian, mutual fund supervisor, provident fund registrar, securities registrar, and debenture holders' representative services; payment, collection, liquid management, and merchant services; digital banking services; and commercial cards. In addition, the company provides trade finance, remittances, export and import, project, corporate finance, electronic, capital market, project and structured finance, and financial advisory services, as well as business property insurance, and FX and interest rate risk management services. Further, it offers fund management, securities, and assets management services. The company was founded in 1944 and is headquartered in Bangkok, Thailand.
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Kobsak: Thailand Enters New Economy Era, GDP to Grow 3.5-4%
Mr. Kobsak Pootrakool, Executive Vice President of Bangkok Bank, stated that Thailand is entering a crucial phase of a new round of investment, particularly from future industries such as semiconductors, printed circuit boards, electric vehicles, and AI. This will help GDP return to expansion at a rate of 3.5-4% over the next 3-5 years. The foreign direct investment applying for investment promotion will begin to show tangible results in the next 3-5 years, as the process of building factories and expanding supply chains takes about 2 years before full-scale production begins. Additionally, he supports the BOI to IPO policy to attract global technology companies to list on the Stock Exchange of Thailand. He also emphasized that the government should expedite the removal of outdated regulations to seize the golden opportunity, and warned of risks from geopolitical issues and trade barriers that could impact exports.
Top Business Leaders Say Geopolitical Crisis Pushes Thailand Toward Becoming ASEAN Trade and Tech Hub
Four national business leaders — Siam Cement Group, Indorama Ventures, Airports of Thailand, and Bangkok Bank — said at Thailand Focus 2026 that the global geopolitical crisis is pushing Thailand to become ASEAN's trade, investment, and technology hub, with investment flowing steadily into data centers, biotechnology, and the green economy. They recommended that the public and private sectors accelerate regulatory improvements, expand FTAs, and adopt advanced technologies to achieve sustainable growth and guard against a flood of cheap Chinese goods. Thammasak Sethaudom of Siam Cement said the relocation of production bases to Thailand is a long-term structural change. Aloke Lohia of Indorama Ventures noted that Thailand has a strong manufacturing ecosystem and can become a capital market hub for the CLMV countries, which have a combined population of over 250 million. Paweena Chariyathitiphong of Airports of Thailand said the company holds a 95% share of domestic air passenger traffic and is negotiating new direct routes to North America. Kobsak Pootrakool of Bangkok Bank said foreign investment promotion applications have surged to record levels, and Thailand has become the world's fifth-largest producer of printed circuit boards within two years.
BBL expects large corporate loan growth to continue, boosted by FDI inflows into Thailand
Bangkok Bank (BBL) expects its large corporate loan portfolio to continue growing well in the second half of 2026, driven by increased foreign direct investment (FDI) inflows into Thailand and Southeast Asia. Mr. Chaiyrit Anuchitworawong, Senior Executive Vice President, said the bank remains cautious in lending to certain business segments, but both domestic and international large corporate clients are still growing and will be the main support for loan portfolio growth. FDI that was studied and planned one to two years ago has begun to materialize, but in the first phase, foreign companies still have conservative financial policies and bring their own capital, so there is no demand for local bank loans. However, after the first phase, the bank believes it will start seeing real demand for loans to expand businesses, such as data centers, printed circuit boards (PCBs), and semiconductors. Meanwhile, Dr. Kobkarn Pootrakul, Executive Vice President, said Southeast Asia is facing a new wave of foreign investment inflows, the highest in a decade, with the global FDI share flowing into the region surging to 20-25%. Thailand, which used to receive an average of about 500 million dollars per year, has now surged to 2.5 billion dollars and continues to trend upward, presenting an opportunity for the bank to support transition loans for clients. Although the retail and small business markets have limitations, the bank still has growth opportunities from infrastructure and clean energy investments.
4 Listed Firms Say Thailand Benefits from Geopolitics, Attracting Investment Inflows
Four major listed companies stated that Thailand is benefiting from trade wars and global geopolitical issues, leading to continuous investment inflows and supporting the country's emergence as a regional economic hub. Mr. Thammasak Sethaudom, President of Siam Cement Public Company Limited (SCC), said that investment is not only concentrated in data center businesses but also includes biotechnology, carbon reduction technology, and green circular economy. The Thai government is driving new economic engines through four special subcommittees to improve laws, reduce restrictions, expand free trade frameworks, and develop human capital skills, with the expectation of making Thailand an economic hub within 5-10 years. Meanwhile, Mr. Aloke Lohia, Group CEO of Indorama Ventures Public Company Limited (IVL), stated that the world is placing more importance on supply chain resilience, and Thailand has a strong trade and manufacturing ecosystem, as well as the potential to become a capital market hub for the CLMV countries, which have a combined population of over 250 million. Ms. Paweena Jariyathitipong, Director of Airports of Thailand Public Company Limited (AOT), said that Thai airports have adapted well to crises, such as increasing passengers from China and Japan by over 30%, and flights from the Middle East have now returned to 100% service. Dr. Kobsak Pootrakool, Executive Vice President of Bangkok Bank Public Company Limited (BBL), stated that foreign investment promotion applications have surged to record levels, and Thailand has become the world's fifth-largest producer of printed circuit boards (PCBs). He also recommended that Thai businesses accelerate investment in technology upgrades and scale expansion to remain competitive.
KGI Highlights KBANK-KTB as Top Picks, Expects Interim Bank Dividends; KKP-TTB Yields Attractive
KGI Securities views that commercial banks will gradually pay interim dividends for the first half of 2026, expecting KKP and TTB to offer attractive yields. Meanwhile, SCB, KKP, KTB, and TISCO have full-year dividend yields exceeding 6%. TTB has announced an interim dividend of 0.081 baht per share, with the XD date on September 7, 2026, and payment on September 25, 2026. KGI expects KKP to pay a total dividend of 7.65 baht per share for 2026, representing a yield of 6.7%; KTB to pay 2.73 baht per share, yielding 6.2%; SCB to pay 11 baht per share, yielding 7.2%; and TISCO to pay 7.75 baht per share, yielding 6.2%. Meanwhile, KBANK is expected to pay 14.50 baht per share, yielding 5.7%; BBL to pay 10 baht per share, yielding 5.3%; and TTB to pay 0.14 baht per share, yielding 4.9%. KGI continues to favor KBANK and KTB over other banks, citing that loan recovery and net interest margin (NIM) have bottomed out and will support performance. KKP is also favored due to strong profit growth of 65% year-on-year in the first half of 2026 and the potential for credit costs to fall below 1%.
ASPS recommends holding cash and safe stocks amid selling pressure from flows into Vietnam
Asia Plus Securities recommends that investors increase their cash allocation and focus on stocks with strong fundamentals, after Vietnam's stock market is set to gain a higher weighting in the FTSE Russell index. The move is expected to attract around 3 billion US dollars, or approximately 100 billion baht, in foreign investment over four phases from September 2026 to September 2027. This has triggered profit-taking across Asian equity markets, including the Thai stock market, which has faced net selling of more than 112.5 million US dollars. The research team recommends Bangkok Bank, Charoen Pokphand Foods, and Bangkok Dusit Medical Services, while also suggesting hedging foreign portfolio risk through gold depositary receipts GOLD19 and Disney depositary receipts Disney19. This comes amid uncertainty over US import tariffs on Chinese goods, which are set to rise by another 7.5 percent to 20 percent before the US-China leaders' meeting on 24 September 2026, and as US public debt has reached 40.05 trillion US dollars.
Asia Plus Securities maintains Hold on BBL with target price of 210 baht
Asia Plus Securities estimates Bangkok Bank, or BBL, net profit for 2026 and 2027 at 42.3 billion baht, down 8% from the previous year, and 45 billion baht, up 7% from the previous year, respectively. It expects loan growth of 2%, at the lower end of the 2-3% target, and net interest margin of 2.5%, in line with target. Net fee income is expected to grow 1% in 2026 and accelerate to 3% in 2027, driven by wealth management and bancassurance. For asset quality, it assumes an NPL ratio of 3.5% and credit cost of 1.1%, reflecting the risk of a slow economic recovery and a conservative provisioning policy. ROE remains at 7.2-7.4%, below the long-term target of more than 10%. Asia Plus Securities maintains a Hold recommendation and adjusts the end-2027 target price to 210 baht, based on 0.6 times price-to-book value. It views BBL as well positioned to benefit from Thailand's new investment cycle from FDI, China plus one, and new economic core industries such as data centers, semiconductors, and xEV, as well as PermataBank, which helps diversify income in Indonesia. However, the positive impact on loans and profit still has a lag time, and near-term earnings momentum is limited by low Thai economic growth and a NIM that has not fully recovered. On technical strategy, it recommends buying on dips, with support at 188.50 baht and resistance at 192.50, 196.50, and 198 baht.
Krungsri Securities sees slight July bank loan growth, keeps KBANK and KTB as top picks
Krungsri Securities said commercial banks reported loans in July 2026 edged up 0.1% from the previous month, as government loans rose while SME and retail loans declined. The bank with the strongest loan growth was KTB, up 2.0% month on month, followed by KKP up 1.1% and TISCO up 0.1%. Most other banks reported loan contraction, led by BBL down 1.2%, followed by TTB down 0.6%, KBANK down 0.4% and SCB down 0.2%. Compared with the end of last year, banking sector loans rose 2.6%, led by KTB at 6.1%, followed by KKP at 4.6%, KBANK at 2.8%, SCB at 2.4% and BBL at 1.4%, while TISCO was flat and TTB contracted 2.6%. Deposits in July rose 0.6% from the previous month and were up 2.0% from the end of last year. The loan to deposit ratio stood at 83.2%, down from 83.6% in June. Krungsri Securities has a slightly positive view on the July loan figures and maintains a bullish stance on the banking sector, expecting return on equity in 2027 to rise from 2026 as the rate downcycle has ended, a new investment cycle returns, and wealth management grows. It also views bank share prices as inexpensive at 0.9 times price to book value, below the 1.5 times seen in 2011 to 2015 and the 1.5 to 3.0 times for ASEAN banks, and selects KBANK and KTB as top picks.
BBLAM completes transfer of BCAP business, AUM reaches 1.017 trillion baht
Bualuang Asset Management Company Limited, or BBLAM, announced that the process of transferring mutual fund, provident fund, and private fund management business from Bangkok Capital Asset Management Company Limited, or BCAP, was completed on 20 July 2026, after acquiring shares in BCAP since 4 July 2025. As a result, at the end of July 2026, the company had total assets under management of 1,017,176 million baht. Chief Executive Officer Mr. Bannarong Pichayakorn said the business combination helps complete the investment product lineup, covering fixed income funds, equity funds, mixed funds, ETFs, alternative assets, and investments in private assets both domestically and internationally. It also reinforces cooperation with Bangkok Bank as the major shareholder and main distribution channel, as well as with global fund management partners under the Multi-Manager Partnership approach. Most recently, the B-WEALTH Series mutual funds, which are ready-made portfolio funds with global diversification, have recorded sales since their initial public offering in July and continued to grow to more than 20 billion baht.
Asia Plus Securities says strong baht draws fund flows, scans 17 stocks set to benefit
Asia Plus Securities assesses that the global investment landscape is facing challenges on all fronts, amid a sharper-than-expected slowdown in US employment, which fuels hopes that the Federal Reserve will hold its policy rate at the September meeting. Meanwhile, domestic factors are receiving a significant boost from the rapidly strengthening baht, supported by continued foreign inflows into the Thai bond market, with cumulative net purchases this month exceeding 9.2 billion baht. The baht recently touched 32.98 per US dollar. The research team has identified three main industry groups in Thailand that stand to benefit positively from the strong baht. The first group comprises large-cap stocks that are prime targets for foreign fund flows, including commercial banks such as KBANK, SCB, BBL, and KTB; retail and tourism plays like AOT, CPALL, and CRC; telecoms such as ADVANC and TRUE; and construction materials like SCC. The second group consists of companies with high foreign-currency debt or costs, including power and energy firms such as GULF, BGRIM, GPSC, and PTTEP, and airlines like AAV. The third group covers businesses that rely heavily on imported raw materials, including agriculture and food companies such as TFG and TVO. In addition, the research team recommends portfolio strategies to navigate volatility, highlighting safe-haven stocks combined with gold as a hedge, and names SYNTEC, PTT, and GUNKUL as top picks for the Thai stock market, along with LITE01 and ZIJIN80 for overseas investment.
Baht closes at 33.05/06, slightly firmer; eyes on US-Iran talks
The baht closed the evening session at 33.05/06 per dollar, slightly firmer from the morning open of 33.06/07 per dollar. During the day it moved in a narrow range of 33.05 to 33.10 per dollar. A money manager from Bangkok Bank said the baht and most regional currencies strengthened after the market digested news that US President Donald Trump indicated talks with Iran to reopen the Strait of Hormuz and that ceasefire negotiations had made progress. Tonight the market awaits the weekly US jobless claims figures, while the broader focus is on the non-farm payrolls data due tomorrow. The money manager expects the baht to move in a range of 32.95 to 33.15 per dollar tomorrow.
Pi Securities expects 8 banks to pay high interim dividends, with SCB, KKP, and TISCO yielding over 6%
Pi Securities assesses that eight commercial banks will pay high interim dividends, with the full-year average dividend yield for the banking group expected at 5.7%, excluding special dividends. Thanadech Rungsrithananon, Director of Research at Pi Securities, notes that SCB, KKP, and TISCO will have dividend yields of no less than 6%. SCB is expected to pay 10.42 baht per share for the full year, representing 6.8%. KKP is expected to pay 7.50 baht per share, representing 6.3%. TISCO is expected to pay 7.75 baht per share, representing 6%. For BBL, despite a decline in profit, it is still expected to pay the same 10 baht per share for the full year, representing 5.3%. KBANK is expected to pay 12 baht per share for the full year, representing 5.1%. Meanwhile, KTB is expected to pay 2.09 baht per share, representing 5%. TTB is expected to pay 0.13 baht per share, representing 4.6%. CREDIT is expected to pay 1.05 baht per share, representing 4.5%. BAY is expected to pay 1.40 baht per share, representing 3.5%. Regarding the profit trend for the second half of the year, Thanadech views that if capital market income is excluded, profits will not be spectacular, as net interest margins are starting to stabilize and loans may rise slightly in line with private sector investment.
Thai Stocks Plunge 31.44 Points at Midday, Pressured by DELTA and Banking Shares
The Stock Exchange of Thailand index closed the morning session on July 30, 2026, at 1,593.03 points, down 31.44 points or 1.94 percent, with trading value of approximately 66.47 billion baht. During the day, the index fell to a low of 1,588.48 points. The market was pressured by tensions in the Middle East, along with a sharp drop in DELTA shares after its second-quarter 2026 earnings came in below market expectations, prompting several brokers to cut their 2026 to 2027 profit forecasts. In addition, banking stocks such as BBL, KKP, KTB, and KBANK all declined, adding further pressure to the overall market.
Bank stocks are not yet expensive, experts say fund inflows reflect true value
Commercial bank stocks that have risen quickly and strongly, with KBANK and KTB hitting new highs, are still not considered too expensive. Analysts view that foreign capital inflows reflect their intrinsic value, after the banking sector had long traded below book value. Mr. Kawee Chookijkasem, Chief Investment Officer at Pie Securities, stated that current bank share prices have risen to levels that better reflect true value. Investors should consider future growth potential, as investment in new economic infrastructure such as data centers attracts foreign direct investment, bringing foreign investors back to large, highly liquid SET50 stocks like BBL, KBANK, KTB, and SCB. Ms. Usanee Liurut, Senior Director of Securities Analysis at Finansia Syrus Securities, revealed that the commercial banking sector has proven its sustained profitability even with modest loan growth, with non-interest income, foreign exchange gains, and wealth management businesses compensating. Moreover, improved asset quality management has kept NPLs and credit costs from becoming heavy burdens. Currently, most bank stocks trade at around one times price-to-book value, with room to rise in line with earnings growth, supported by government investment, economic stimulus policies, and substantial FDI with BOI applications. Meanwhile, a stable policy rate outlook eases funding cost pressures. If rates rise, large banks with high liquidity like BBL and KTB would benefit from better net interest margins. The investment strategy remains market-weight on banks, with top picks being BBL and KTB. As for TISCO, it acknowledges that 2026 loans may be flat due to impacts from Middle East conflicts and energy prices, so it is shifting focus toward fee income from insurance and capital market fees.
Thai stocks close morning session down 11.91 points, pressured by DELTA's 5.86% drop
The Thai stock market closed the morning session at 1,632.48 points, down 11.91 points or 0.72%, with trading value of 53.83 billion baht. The main pressure came from DELTA shares, which fell 5.86% after reporting lower-than-expected second-quarter profit, dragging the SET index down by as much as 17.73 points. Meanwhile, buying interest in BBL, AOT, KBANK, and MINT helped cushion the index. Dao Securities Thailand assessed the afternoon trend, expecting the index to fluctuate in a narrow range with a downward bias, setting support at 1,626 to 1,629 points and resistance at 1,636 to 1,638 points.
BBL to Offer Savings Plus Bonds with Up to 2.80% Interest, 2 Billion Baht Issue Size, 3–5 August
Bangkok Bank is preparing to open subscriptions for government Savings Plus bonds from 3 to 5 August 2026, with a total issue size of 2 billion baht. Assistant General Manager Sunyani Puripanyavanich disclosed that the bonds are divided into two tenors: a three-year tranche with a fixed coupon of 1.80% per annum, and a ten-year tranche with a fixed coupon of 2.80% per annum, both paying interest quarterly. The minimum subscription is set at 1,000 baht with no maximum limit, but subscribers must hold a securities trading account with Bualuang Securities before transacting via the mobile banking application or any Bangkok Bank branch nationwide. Allotment will follow the Small Lot First method, with results announced on 6 August 2026.
AirAsia and Bangkok Bank Upgrade Co-Brand Credit Card to Loyalty Ecosystem, Encouraging Repeat Travel
Bangkok Bank and Thai AirAsia are continuing their partnership into its 12th year, upgrading the AirAsia Platinum Mastercard Bangkok Bank credit card. The card links travel benefits with everyday spending to create a Loyalty Ecosystem and encourage customers to travel repeatedly. A new card design made from recycled rPVC plastic has also been unveiled. Cardholders will receive VIP privileges from check-in to baggage claim, along with cashback promotions and AirAsia points earned from general spending. These points can be redeemed for flights or other benefits through the AirAsia Rewards partner network. Cardholders also automatically receive Platinum membership status, granting access to upcoming premium benefits such as fixed-rate flight redemptions and a Companion Pass. The new card will be available for application or conversion from existing cards starting August 1, 2026.
Finansia Syrus lifts SET target to 1,710 by mid-2027, flags 11 top picks
Finansia Syrus Securities has raised its target for the SET Index to 1,710 points by mid-2027, based on an estimated average earnings per share of 100.5 baht and a target PER of 17 times. The research team lifted its 2026 earnings per share estimate by 3 percent to 99 baht, and its 2027 estimate to 102 baht, reflecting growth of 13 percent and 4 percent from the prior year, respectively. It also sees the Thai economy recovering steadily and foreign capital flows having a chance to return to the Thai stock market, as foreign investors' holdings of Thai equities remain below past peaks. Recommended top picks include BA, BBL, BDMS, CPALL, CPF, CPN, ERW, GULF, SAPPE, STA, and TIDLOR.
Bank stocks continue rebound as brokers raise targets, citing low book value and attractive dividends
Thai commercial bank stocks extended their rebound after analysts raised target prices and earnings estimates. KTB was at 42.25 baht, up 0.60 percent, BBL at 189 baht, up 1.07 percent, KBANK at 237 baht, up 1.28 percent, SCB at 153 baht, up 0.33 percent, and TTB at 2.92 baht, up 0.69 percent. Analysts at Krungsri Securities raised their net profit forecasts for the banking sector in 2026 and 2027 by 2.6 percent and 4.2 percent to 221 billion baht and 229 billion baht, respectively, and rolled forward to 2027 target prices. They picked KBANK and KTB as top picks, recommending buy on KBANK with a target of 300 baht and buy on KTB with a target of 55 baht. Meanwhile, BBL and TTB were upgraded to buy with targets of 225 baht and 3.50 baht, while SCB was rated hold with a target of 155 baht. KKP was rated buy with a target of 145 baht, and TISCO was downgraded to reduce with a target of 115 baht. The sector is also expected to pay high dividend yields of 5 to 6 percent for 2026, supported by strong capital positions and no major investment plans. The research team maintained a positive view on the sector, expecting 2027 ROE to improve as the rate-cutting cycle ends and a government investment cycle worth over 8 trillion baht resumes, along with growth in wealth management. Bank stocks are trading at a PBV of just 0.9 times, below historical averages and below ASEAN peers.
KSS raises profit targets for banking sector, highlights KBANK and KTB as top picks
Krungsri Securities, or KSS, has raised its net profit forecasts for the commercial banking sector in 2026 and 2027 by 2.6% and 4.2% to 221 billion baht and 229 billion baht, respectively, while rolling forward to 2027 target prices. It selects Kasikornbank, or KBANK, and Krung Thai Bank, or KTB, as standout stocks in the group. KSS recommends buying KBANK with a target price of 300 baht, forecasting net profits of 53.1 billion baht in 2026 and 55.7 billion baht in 2027, benefiting from the investment cycle and wealth management business. For KTB, it recommends buying with a target price of 55 baht, citing strength in asset quality and government investment. For other banks, KSS has revised recommendations and target prices: BBL to buy at 225 baht, SCB to hold at 155 baht, TTB to buy at 3.50 baht, KKP to buy at 145 baht, and TISCO to reduce investment at 115 baht. The research team expects the banking sector to pay dividends in 2026 with high yields of 5 to 6 percent, supported by strong capital positions and no major investment plans weighing on them. It maintains a positive view on the sector, forecasting a rise in 2027 return on equity driven by the end of the rate-cutting cycle, the return of government investment worth over 8 trillion baht, and growth in wealth management. Moreover, banking stocks are trading at a price-to-book value of just 0.9 times, below historical averages and ASEAN peers.
BBL Plunges 6.5% After Second-Quarter Profit Drops 19.8% and NPLs Surge to 3.3%
Shares of Bangkok Bank, or BBL, fell 6.50% to close at 187 baht on July 22, 2026, after it reported second-quarter 2026 net profit of 9.498 billion baht, down 19.8% from the same period last year, and its non-performing loan ratio, or NPL, rose to 3.3% from 3.1% in the previous quarter. The stock saw the highest net selling through NVDR accounts in the market, worth 2.45773 billion baht, amid total trading value of over 11.84431 billion baht. The profit decline was partly due to net interest income shrinking 12.4% to 27.769 billion baht, pressured by policy rate cuts that squeezed net interest margins. Meanwhile, the rise in NPLs is being watched in connection with debt of Italian-Thai Development, or ITD, a major borrower of BBL with outstanding debt of 8 billion baht, after ITD had a government construction contract terminated and was blacklisted, which could lead to some of that debt being classified as NPLs.
Yuanta expects SET to consolidate, petrochemical and power plant stocks to support above 1,600 points
Yuanta Securities stated that the SET Index's decline yesterday came from selling pressure on commercial bank stocks after BBL reported worse-than-expected second-quarter 2026 earnings, with domestic funds net selling 5.5 billion baht while foreign investors sold only slightly. The research team views this pullback as merely a consolidation to cool the market's heat, not the end of the uptrend. It expects petrochemical, upstream energy, and power plant stocks to take turns supporting the SET Index from falling below 1,600 points. As for domestic political factors such as the Senate collusion case and the ballot barcode issue, they are expected to have some impact on sentiment but not to the extent of affecting government stability, and will be concentrated around September.
Thai Bank Stocks Face Heavy Sell-Off as Profit Growth Stalls, Dragging Index Down
The Thai stock market faced heavy selling pressure on banking stocks after second-quarter earnings came in below expectations. The index closed at 1,639.34 points, down 13.63 points, with trading value of 117 billion baht. Kasikornbank reported improved profit compared to a year earlier, but loan growth slowed and net interest margin narrowed. Siam Commercial Bank continued to set aside high provisions to manage retail customer risk amid a slowing domestic economy. Bangkok Bank's first-half profit for 2026 fell 16.2 percent to 20.4 billion baht, with the second quarter down nearly 20 percent. Krung Thai Bank was pressured by delayed government budget disbursements and fee income that fell short of expectations. Krungthai Card, despite solid performance, was sold off on concerns about the third-quarter economy. Asia Aviation faced higher operating costs from aircraft leases and volatile oil prices. Meanwhile, palm oil stocks may see mixed results, as downstream selling prices did not rise as much as hoped while fresh palm fruit purchase costs remain high.
Bangkok Bank reported a second-quarter 2026 net profit of 9.49792 billion baht, well below market expectations, sending its share price tumbling 6.50 percent to close at 187 baht. This triggered heavy selling across the banking sector, with the banking index falling 3.28 percent to close at 600.60 points. Combined trading value of the four major banks—Bangkok Bank, Siam Commercial Bank, Kasikornbank, and Krung Thai Bank—reached 32.74721 billion baht, accounting for nearly 30 percent of total market turnover of 116.52127 billion baht. Several analysts downgraded their recommendations and target prices for Bangkok Bank. For instance, Citigroup cut its target price to 189 baht from 190 baht, while KGI Securities Thailand downgraded the stock to hold with a new target price of 210 baht, citing that the net interest margin, which hit a low in the second quarter, should recover in the second half of the year.
Baht closes at weakest level in over a year at 33.81/83 per dollar
The baht closed the evening market at 33.81/83 per dollar, weakening from the morning and marking its weakest level in over a year. During the day, it moved in a range of 33.73 to 33.83 per dollar. A currency trader at Bangkok Bank said the depreciation came from profit-taking sales of banking stocks after earnings announcements, leading to capital outflows from the equity market. This was compounded by a stronger dollar amid intensifying war tensions and additional tariff threats from President Trump, which could trigger a new round of trade wars. The market is also monitoring continued attacks on Iran and rising energy prices, which support the view that inflation will remain high and the Fed may raise interest rates. The baht is expected to trade in a range of 33.75 to 33.90 per dollar tomorrow.
Thai stocks close down 13.63 points, turnover surges past one hundred billion baht, institutions net sell 5.49 billion baht
The Thai stock index closed at 1,639.34 points, down 13.63 points or 0.82 percent, with heavy trading value of 116.52 billion baht. Institutional investors were net sellers of 5.49 billion baht and foreign investors net sold 85.29 million baht, while domestic investors net bought 4.80 billion baht and securities company proprietary accounts net bought 776.14 million baht. The main pressure came from Brent crude oil prices surging to 95 dollars per barrel, along with profit-taking in the banking sector after financial results announcements. BBL shares fell 6.5 percent after second-quarter 2026 net profit came in below expectations at 9.50 billion baht, down 20 percent from a year earlier and 14 percent from the previous quarter. The petrochemical sector rose prominently, led by PTTGC which gained 8 percent on expectations that second-quarter profit would hit the year's peak.
Thai stocks close down 13.63 points, pressured by selling in banks and large caps
The Stock Exchange of Thailand index on July 22, 2026 closed at 1,639.34 points, down 13.63 points or 0.82%, with trading value of 116.52 billion baht. The market was pressured by tensions in the Middle East and sell-on-fact selling in banking stocks after all banks reported second-quarter 2026 earnings. BBL was heavily sold as profit came in below expectations, while SCB, KTB, and KBANK also declined. Large-cap stocks such as PTT, GULF, and ADVANC also fell, adding further pressure. However, there was speculative buying in stocks expected to post good results on the back of rising global oil prices, such as PTTGC and PTTEP.
BBL drops 6.25% after profit misses estimates, brokers cut target
Shares of Bangkok Bank, or BBL, fell 6.25% to 187.50 baht, with trading value of 11.30 billion baht, after the bank reported second-quarter 2026 results that missed market expectations. In particular, non-interest income came in well below forecasts compared with other banks, and gains from selling debt securities investments dropped to 300 million baht from 1.60 billion baht in the previous quarter. Meanwhile, asset quality weakened slightly, pushing the cost-to-income ratio up to 49% from 45% in the prior quarter. On the broker front, Citi lowered its target price to 189 baht from 190 baht, while Kasikorn Securities downgraded its recommendation to hold, seeing limited upside at current levels, though BBL still has strong fundamentals and growth opportunities from corporate lending.
GBS reviews Q2 2026 bank earnings — flat profit, picks KBANK and BBL as top picks
Globlex Securities, or GBS, reported that banking sector profit in the second quarter of 2026 was flat compared to the same period last year and rose 0.7 percent from the previous quarter, beating market expectations of declines on both fronts. Stocks with profit growth both year on year and quarter on quarter included CIMBT, KKP, TISCO, and TTB, while stocks with profit declines on both counts were BBL, KBANK, and BAY. On the lending side, as of end-June, net loans and accrued interest receivables for the group stood at 13 trillion baht, growing 2.5 percent from the start of the year, 0.8 percent from the previous month, and 1.6 percent from a year earlier. Large banks such as BBL, KBANK, KTB, and SCB posted loan growth from the beginning of the year, while retail-focused banks like CREDIT and LHFG also saw strong growth. The research team maintains a Neutral weighting on the banking sector and picks KBANK and BBL as top picks.
BBL targets 2.4 million credit cards, aims for 8% spending growth
Bangkok Bank targets increasing its credit card portfolio from 2.2 million to 2.4 million cards by the end of this year, and expects card spending to grow about 8%. Assistant General Manager Choke Na Ranong revealed that in the first half of the year, the bank's spending grew more than 7%, significantly outpacing the market average of only about 1.8%. The bank is also continuing its co-brand card partnership with Thai AirAsia and AirAsia MOVE into its 12th year. Currently, the AirAsia Platinum Mastercard credit card has about 450,000 cards, with a target to add another 100,000 cards this year. The second-half strategy will focus on increasing usage among existing cardholders and creating 0% installment promotions with merchant partners by segment.
Thai Stocks Drop 12.12 Points at Midday, BBL-SCB Sell-Off Drags Market
The Stock Exchange of Thailand index closed the morning session on July 22, 2026 at 1,640.85 points, down 12.12 points or 0.73 percent, with trading value around 65.90 billion baht. The index fell sharply during the day to a low of 1,637.86 points, pressured by selling in banking stocks after all second-quarter 2026 earnings were released, in a sell-on-fact move. Bangkok Bank in particular reported earnings below market expectations, sending its share price down sharply by 6.25 percent, while Siam Commercial Bank, Kasikornbank, and Krung Thai Bank also declined. However, there was speculative buying in PTT Global Chemical, as the market expects strong second-quarter 2026 results, pushing its share price up 5.33 percent, bucking the overall market trend.
KSS sees SET consolidating, money rotating into energy and petrochemicals, recommends PTTGC and IVL
Mr. Chaiyos Jiwangkul, Assistant Director of the Securities Analysis Department at Krungsri Securities, or KSS, said the Thai stock market is likely to consolidate in the short term, even as regional markets improve following a recovery in global tech stocks. This could slow the foreign capital inflows that had previously shifted from tech shares into the Thai market. There is a chance of money rotating out of bank stocks after their earnings announcements and into energy, petrochemical, and communication stocks, supported by rising oil prices and expectations of good second-quarter 2026 profits. Meanwhile, buying interest has started to return for ADVANC and TRUE. In the banking sector, earnings have come in both above and below expectations, so stocks with unimpressive results may still face selling pressure, especially BBL and SCB. Although SCB reported good profits, its non-performing loans, or NPLs, increased. However, if prices fall significantly, buying is expected to return as loan growth still has potential from a new investment cycle. Regarding the Thailand Investment Savings Account, or TISA, Mr. Chaiyos said that if the tax deduction limit is set as high as 600,000 baht and allows direct investment in the Thai stock market, it would be a positive factor for liquidity and help reduce volatility, as investors would need to hold for the long term. The main investor base would likely be salaried workers and office employees, similar to RMF and Thai ESG funds. As for the BOI to IPO measures, details on business types and company sizes need to be monitored. If large companies in new industries can be attracted to list, it would boost market capitalization and the appeal of the Thai stock market, but if only small companies are involved, the overall market impact may be limited. On investment strategy, KSS recommends buying PTT Global Chemical, or PTTGC, with a target price of 45 baht, expecting second-quarter 2026 profits of around 9 billion baht, driven by recovering product spreads and lower-than-expected stock losses. It also recommends buying Indorama Ventures, or IVL, with a target price of 27 baht, expecting second-quarter 2026 profits of around 6 billion baht from improving product price spreads.
SET Falls Over 10 Points in Early Morning on Bank and Power Plant Sell-Off
The SET index fell more than 10 points in early morning trade, bucking the regional trend. As of 10:10 a.m., it stood at 1,642.92 points, down 10.05 points or 0.61%, pressured by selling in banking and power plant stocks after some major banks reported lower-than-expected net profits for the second quarter of 2026. Meanwhile, foreign capital flowed out of Thai equities back into recovering technology stocks abroad. Mr. Wathan Jitsomnuek, Director of Securities Analysis at Pi Securities, said the Thai stock market took a breather this morning after a strong rally driven by foreign inflows. Bank earnings were unimpressive, especially Bangkok Bank and Siam Commercial Bank, where profits slowed, but their share prices had risen earlier, prompting profit-taking. Additionally, ongoing uncertainty in the Middle East and signals of a new round of import tariffs from U.S. President Donald Trump continued to weigh on investment sentiment. Support is seen at 1,635 points and resistance at 1,650 points.
Baht opens weaker at 33.76/77 per dollar, in line with region
The baht opened this morning at 33.76/77 per dollar, weakening from yesterday's close of 33.63 per dollar. A money manager from Bangkok Bank said the baht and most regional currencies moved weaker after President Donald Trump prepared to announce new import tariff measures, along with indications that there will be no further negotiations with Iran. The baht's range today is expected at 33.60 to 33.90 per dollar.
BBL Q2 2026 profit drops 19.8% YoY, revenue shrinks, loans grow on large corporates and international
Bangkok Bank reported a second-quarter 2026 net profit of 9.498 billion baht, down 19.8% from the same period last year and down 13.6% from the previous quarter. The main reasons were lower net interest income following the bank's interest rate cuts, and lower non-interest income from investment gains. Operating expenses rose due to development and efficiency improvements, but the bank set aside lower credit loss provisions under a prudent approach. For the first six months of 2026, net profit was 20.492 billion baht, down 16.2% from the same period last year. Net interest income fell 12.4%, bringing the net interest margin to 2.46%. However, loans expanded 2.7% from the end of last year to 2.678 trillion baht, supported by loans to large corporate customers and international business customers. The ratio of credit loss allowances to non-performing loans stood at a strong 306.3%, and the total capital adequacy ratio was 21.4%, well above the Bank of Thailand's minimum requirement.
Thai stocks drop 12 points on Middle East war fears and bank share sell-off after Q2 results
The Thai stock market fell sharply by 12.23 points to 1,640.74 points, with trading value of 45.795 billion baht. There was selling pressure across the board in commercial banking stocks, led by BBL, ADVANC, KTB, SCB, and DELTA, amid concerns over the still-unsettled situation in the Middle East with no sign of meaningful negotiations. This was compounded by the release of second-quarter results from the banking sector, which were unimpressive. KKP, KBANK, and TTB posted strong profits, while BBL and SCB saw profits decline compared to the previous year, with SCB's profit down 13% year-on-year. Meanwhile, foreign investors turned to net selling of 472 million baht yesterday, the first time in 13 trading days. Krungsri Securities expects the market to move in a sideways-to-upward range, with the volatile war being a short-term negative after Iran destroyed an Amazon data center in Bahrain and Trump threatened to attack Iranian nuclear facilities, pushing Brent crude back above 90 US dollars, which is expected to support energy and security stocks in the short term. There are also reports that Trump is preparing to announce Section 301 tariffs of 10 to 12.5 percent on 60 countries, replacing Section 122 which expires on July 24. Pi Securities noted that the market is weighing earnings against the war, with earnings still showing good growth momentum after signs of strong upstream profit expansion from TSMC and ASML, leading to speculative buying in semiconductor stocks. Tonight, the market awaits Alphabet's earnings to see the direction of capital expenditure and growth. However, the rapid rise in US bond yields is a risk causing market volatility, with the market still believing there will be two rate hikes this year and next year. Oil prices are therefore the main factor determining the direction of interest rates. The strategy remains to use limited funds with a focus on valuation. Recommended stocks include exporters like ITC and TU, retailers like CPALL, CPN, and HMPRO, industrial estates like AMATA and WHA, power plants like BGRIM and GPSC, and financials like MTC.
Krungsri Securities sees positive Q2 2026 earnings for listed firms after strong bank results, unveils 7 stocks with profit growth
Krungsri Securities assesses the earnings direction of listed companies in the second quarter of 2026 as positive and likely to come in better than market expectations, supported by the banking sector's performance which was mostly in line to better than expected. Only BBL reported profit below market expectations but still in line with its own assessment. A key positive factor for the banking group is fee income from wealth management business, which is growing and becoming a new S-curve for the business. Meanwhile, asset quality remains manageable despite the impact of the war situation, with only SCB still vulnerable due to non-performing loan formation and BBL seeing mainly migration of existing debtors. Most banks' loans returned to expansion compared to the previous quarter, reflecting the positive effect of the investment cycle, with KBANK and KTB showing outstanding loan growth, while SCB remains the only bank with contracting loans. On the real sector side, stocks are starting to show positive signals, with SCGP reporting profit 21 percent above market expectations due to tight supply conditions in the Middle East, and PTTGC reporting profit above expectations from greater-than-expected supply disruption, similar to IVL and SCC. The research team views the decline in banking stocks after earnings announcements due to profit-taking as an opportunity to gradually accumulate, as fee income from wealth management is growing as a new support factor, asset quality has passed the peak risk point, and the impact from net interest margin has been largely priced in. Recommended top picks in the banking group are KBANK and KKP from wealth management growth, and KTB from strong asset quality. The team also unveils a list of standout stocks for the earnings season, expecting second-quarter 2026 results to be strong or to have passed the trough, including ADVANC, SCC, IVL, BH, KBANK, AOT, and ICHI.
Asia Plus flags three global war risks driving oil surge, with fund flows shifting 44 billion baht into Thai stocks
Asia Plus Securities assesses that global financial markets are under pressure from three key risk factors: Middle East tensions pushing Brent crude to 89 dollars per barrel, a trade war with the United States preparing to impose 50 percent import tariffs on certain Canadian goods, and a technology war after Chinese startup MOONSHOT AI launched its KIMI K3 model, which delivers performance close to top US models but at lower cost. This has triggered capital outflows from high-growth and AI sectors into oil, value, and high-dividend plays. The Thai stock market has become a safe-haven destination, attracting net foreign inflows of over 44 billion baht since the start of July, concentrated in communications, energy, and banking stocks such as TRUE, PTTEP, KBANK, TOP, BBL, and GULF. Asia Plus also warns that Thailand may post a trade deficit of around 4 billion dollars in June, as imports surged 35.8 percent year on year while exports grew only 15.2 percent year on year, lagging neighbors like South Korea, Taiwan, Vietnam, and China. On investment strategy, Asia Plus recommends top picks SCGP, PTTEP, and TIDLOR, while keeping an eye on eight Chinese depositary receipts: TENCENT80, BABA80, MEITUAN80, NETEASE80, XPENG03, GEELY80, KUAISH23, and XIAOMI80, as well as second-quarter earnings reports from US big tech led by TESLA and ALPHABET.
SET closes higher, bank stocks gain on better-than-expected earnings
The Thai stock market closed up 6.97 points, with buying in DELTA and construction stocks benefiting from the Landbridge project. Meanwhile, banking stocks rose on better-than-expected earnings. Krung Thai Bank reported first-half 2026 profit exceeding 24 billion baht, up 7.6%, while Bangkok Bank posted first-half net profit of 20.492 billion baht, despite a 16.2% decline. Thai Credit saw first-half profit surge 17.8%, driven by its Micro SME loan portfolio nearing 200 billion baht.
InnovestX sees SET volatile this week, eyes bank earnings and US tariffs
Mr. Pobchai Pattarawich, equity and derivatives market strategist at InnovestX Securities, said the Thai stock market is likely to swing and fluctuate early this week due to key domestic and international factors. The first factor is the gradual release of second-quarter 2026 earnings by commercial banks, with TTB reporting today, followed by major banks such as BBL, KBANK, KTB, SCB, and KKP in the coming days. Bank stocks have risen nearly 9% since the start of the month on expectations that earnings may have bottomed and could recover in the second half, along with hopes for a new investment cycle. However, many share prices have already priced in much of the positive news, so investors should be cautious of sell-on-fact profit-taking after the announcements. The market also needs to watch earnings from large-cap stocks, with SCC scheduled to report on Wednesday and DELTA on Friday, which could add to index volatility given their relatively high weighting in the Thai market. Another key issue is US import tariffs, which currently levy 10% on Thai goods under Section 122. This measure is set to expire on July 24, 2026, before switching to Section 301, which could impose a 12.5% rate. Thailand's negotiating team must urgently discuss with the US to maintain the 10% rate, as several regional peers such as Cambodia, Malaysia, and Indonesia have already secured that rate. If Thailand faces higher tariffs than competitors, it could hurt export competitiveness. Meanwhile, tensions in the Middle East remain a significant risk, with the US-Iran conflict showing signs of escalation, raising concerns that the situation could worsen and push oil prices higher. InnovestX estimates the SET's trading range this week with resistance at 1,650 points and support at 1,615 points. For SCC, second-quarter 2026 profit is expected to rise from the previous quarter and be flat year-on-year. Although the petrochemical business was affected by partial plant shutdowns, improved product spreads should help offset the impact. In the third quarter of 2026, earnings are likely to recover as petrochemical operations improve. The research team has raised SCC's profit forecast, with a target price of 268 baht and a Neutral rating maintained. On investment strategy, the Thai stock market has risen quite a lot, making index levels somewhat stretched. Investors should wait to gradually accumulate on price dips rather than chase rallies. For short-term speculative plays, upstream energy stocks like PTTEP are recommended as they benefit from rising oil prices, along with refinery stocks such as TOP, BCP, and SPRC, which are supported by higher refining margins. Petrochemical stocks like PTTGC and IVL may benefit from tight supply and reduced market inventory, potentially supporting selling prices and product spreads. Additionally, large-cap laggard stocks that have underperformed the index, including TU, MINT, BDMS, and MTC, are recommended as they could see rotational fund inflows into shares that have lagged the market.