Consumer Finance

Krungsri Securities Public Company Limited stated that its research team has selected KTC as its Top Pick in the Consumer Finance group, expecting it to report 3Q26F net profit of 2,160 million baht, up 11% y-y, on net interest income of an expected 3,708 million baht, up 1% y-y and 1% q-q, supported by a NIM of 13.9% and expected ECL provisions of 1,334 million baht, down 8% y-y. Although profit is expected to fall 3% q-q on operating expenses of an expected 2,520 million baht, up 7% q-q due to the first quarter of system upgrade expense recognition, total loans declined 1% q-q, or 3.9% YTD, and the NPL Ratio stood at 1.90%, up from 1.86% in 2Q26. Non-interest income is expected at 2,859 million baht, up 2% y-y and 2% q-q. The research team maintains its BUY recommendation and keeps its 2027F target price at 54 baht, along with keeping KTC as its Top Pick in the Consumer Finance group, citing balance sheet strength, especially a high Coverage Ratio of around 420%, attractive dividends with an expected dividend yield of 5-6%, 2026F net profit expected to set a new high following 2025, and new businesses in debt collection and insurance sales that are expected to drive future revenue.

Credit Acceptance Corporation said it has entered or will enter into consent judgments with the Office of the New York Attorney General and 40 other attorneys general, resolving 2023 litigation filed by New York and a multistate investigation begun in 2020 without any admission of fault or wrongdoing. Under the consent judgments, the company will pay $60 million into a consumer relief fund administered by the participating attorneys general, pay $15.5 million to those attorneys general for their investigation, and provide debt relief by waiving all outstanding balances for certain customers. Credit Acceptance said the monetary components will not require it to record additional charges beyond amounts previously accrued and disclosed in its financial statements. The company also agreed to preserve and supplement existing controls through consumer-facing disclosures on vehicle pricing and ancillary products, affordability-related protections, and dealer oversight requirements, which it said are broadly consistent with its customer focus and do not fundamentally alter its business model. Chief Executive Officer Vinayak Hegde said the resolution provides certainty for the business, its dealer partners and the customers it serves, and allows management to keep its full attention on helping consumers with limited financing options obtain reliable transportation.

SoFi Technologies said 51% of new products opened in the second quarter of 2026 came from existing members, up from 43% in the prior quarter and 35% a year earlier. The company added 1.1 million members in the quarter, lifting total members to 15.8 million, up 35% year over year, while product additions reached a record 2.2 million, pushing total products to 24.4 million, up 42%. Products per member rose to an all-time high of 1.54 from 1.51 in the first quarter, and SoFi Plus surpassed 200,000 paid subscribers after its relaunch, with 25% of existing members who signed up adding another product. Financial Services products reached 21.3 million, up 43% year over year and 87% of total products, while fee-based revenues climbed to $472.3 million, or 39% of total revenues, and annualized spending across SoFi Money and Credit Card hit $28 billion, helping interchange revenues rise 55% year over year. SoFi shares have declined 1.7% over the past six months, and the stock trades at a forward price-to-earnings ratio of 22.36X versus the industry's 15.56X, with the Zacks Consensus Estimate for full-year 2026 EPS gaining a cent to 60 cents over the past two months.

SoFi Technologies reported a record second quarter of 2026, with loan originations hitting $14.8 billion, up 69% year over year, and revenue growing 42.6% year over year, prompting management to raise full-year guidance. CEO Anthony Noto called Q2 "a clear inflection point for SoFi," citing members up 35% year over year, products per member at an all-time high of 1.54, and fee-based revenue of $472.3 million, or 39% of the total. The company guided to 32% to 35% revenue growth in 2026 and a medium-term adjusted EPS CAGR of 38% to 42%, while the 2027 consensus EPS estimate has risen from $0.7802 ninety days ago to $0.8276 today on 5 upward revisions in the trailing 30 days. Despite the results, SOFI shares closed at $17.07 on September 15, 2026, down 34.8% year to date, and the analyst consensus 12-month price target sits at $20.34, split across 3 strong buy, 5 buy, 12 hold, 2 sell, and 2 strong sell ratings. SoFi has beaten or met consensus in 5 of the last 6 quarters, including a 9.89% beat in Q2 2026 and a 33.5% beat in Q3 2025, and has now posted 19 consecutive quarters above the Rule of 40.

Bread Financial Payments, Inc. has renewed its long-term relationship with Signet Jewelers Limited, extending and enhancing credit programs across Signet's U.S. brands and adding new credit capabilities for Blue Nile. The expanded partnership focuses on technology upgrades, data-driven marketing, and improved customer credit experiences, deepening Bread Financial's integration with a key retail partner's entire portfolio. The company also plans to merge Comenity Bank into Comenity Capital Bank alongside an amended US$700,000,000 revolving credit facility, simplifying its banking structure while maintaining liquidity. Bread Financial Holdings' narrative projects $4.4 billion revenue and $510.9 million earnings by 2029, with a $114.47 fair value estimate, while some of the lowest estimate analysts pencil in 2029 earnings of about US$385,000,000 and meaningfully lower margins.

Krungthai Card, or KTC, reported second-quarter 2026 net profit of a record 2.2 billion baht, up 17.4% year on year and 2.5% from the previous quarter, driven by fee income growth, cost control and lower provisions. Its net interest margin rose to 13.31% after funding costs fell to 2.62%, bringing first-half profit to about 4.4 billion baht, with a credit cost of 5.0% and a cost-to-income ratio of just 34.8%. The second-half outlook remains positive on both margin and fee income, but expenses are expected to rise with the new IT system, as amortization of the Core System begins to be recognized gradually from July. The company expects its full-year cost-to-income ratio at around 36%, plus or minus, compared with 34.8% in the first half. Asia Plus Securities raised its 2026 profit forecast by 5% to 8.48 billion baht, up 12.2% from a year earlier, and maintained its Buy rating with a target price of 50.00 baht, viewing the insurance brokerage business as a new S-curve that has yet to generate its full revenue. It expects a digital license in the fourth quarter of 2026 and a dividend yield of about 4.8% a year.

American Express Company is expanding beyond cards with a new high-yield savings option for business clients, bringing Business Checking and Business Savings under AmEx Business Banking so customers can manage banking and Card products in one place without needing an AmEx card to apply. The offering provided a 2.95% annual percentage yield as of Sept. 15, with no minimum balance or monthly maintenance fee, free ACH, wire and check deposits, instant fee-free transfers between Business Checking and Business Savings, and same-day ACH transfers at $10. The platform will later add a Graphite Business Cash Unlimited Card rewards deposit feature expected later this year, with Reward Dollars redeemable into Business Checking at 1:1, and a Gusto-powered payroll solution with AI insights expected early next year. An AmEx survey of 1,165 small-business financial decision-makers found 82% believe excess cash could be put to better use in savings, 93% want banking and financial tools to work together seamlessly, 81% want better visibility into upcoming payroll payments and 65% prioritize payroll streamlining. The financial opportunity centers on deposit growth and broader product usage, with business deposits giving American Express an additional funding source, though paying interest on those balances will affect the economics of the offering depending on how quickly deposits grow and how effectively those funds are deployed.

American Express raised its revenue-growth outlook toward 10% for the second quarter while reaffirming its earnings-per-share range, CFO Christophe Le Caillec said at a conference, citing strong operating trends through the first half of 2026. Foreign-exchange-adjusted revenue rose 10% in the first half and earnings per share climbed in the mid-teens, with billings growth holding in the 8% to 9% range over recent quarters and running somewhat stronger in the second quarter. Card fees rose 16% year to date and net interest income grew at a double-digit rate, while billings growth was approximately 8% quarter to date in July and August. The raised outlook excludes any expected gain from the sale of American Express's Global Business Travel shares or any planned use of the proceeds. The company also lifted its 2026 outlook for variable customer engagement expenses to 44% to 45% of revenue from about 44%, partly reflecting the rollout timing of refreshed card benefits and stronger spending that increases points-related costs. Le Caillec said American Express continues to treat 10% revenue growth and mid-teens earnings-per-share growth as long-term aspirations rather than forecasts or formal guidance, and that it is directing better-than-anticipated performance toward customer acquisition and technology investments.

American Express and Aspire Pre-Flight Hospitality, Swissport International's airport hospitality business, announced an expansion of their lounge partnership in Canada with two new Aspire Amex Lounges. A new Aspire Amex Lounge opens at YYC Calgary Airport for domestic departures on September 16, 2026, and a second opens at YUL Montréal-Trudeau International Airport for transborder departures to the U.S. by early 2027. The expansion builds on the companies' first co-branded Aspire Amex Lounge, which opened in the domestic departures area of Montréal-Trudeau International Airport in September 2025 and has since drawn more than 50,000 Cardmember visits. Eligible American Express Cardmembers will receive priority lounge and waitlist access, along with buffet offerings and tableside ordering. The partnership is one part of American Express' broader lounge offering, through which eligible Cardmembers have access to more than 1,550 airport lounges across 140 countries.

Krungthai Card, or KTC, reported a record second-quarter 2026 net profit of 2.2 billion baht, up 17.4% year on year and 2.5% quarter on quarter, driven by fee income growth, operating expense control and lower provisions. Its net interest margin rose to 13.31% as funding costs fell to 2.62%. First-half net profit came to about 4.4 billion baht, or 4.41 billion baht, up 19.6% year on year and equal to 52% of the full-year estimate. Management is maintaining its 2026 growth targets, emphasizing quality over loan expansion. First-half credit card spending rose 4.7%, close to the full-year target of 5%, while personal loans grew 3%, in line with the target, and the non-performing loan ratio stood at just 1.86%, below the 2% target, with the coverage ratio at 426.3%. For the second half, the company expects the full-year cost-to-income ratio at around 36%, plus or minus, from 34.8% in the first half, as it begins amortizing a new IT system from July. Analysts raised their 2026 profit forecast by 5% to 8.48 billion baht, up 12.2% year on year, on the assumption of lower provisions, and kept a Buy rating with a target price of 50.00 baht. They see the insurance brokerage business as a key new growth path, with KTC expecting to receive a digital license in the fourth quarter of 2026 to expand insurance sales through digital channels and cross-sell to its existing customer base. The dividend yield is expected at around 4.8% a year.

American Express on Tuesday announced the launch of a new high-yield business savings account that lets businesses earn more on deposits and manage more of their finances in one place. The account offers a high annual percentage yield of 2.95%, along with the ability to make and receive transfers online, instant transfers to and from an American Express Business Checking account with no transfer fee, integration with accounting software and bank linkages, and 24/7 support. The launch follows an Amex survey finding that 82% of businesses agree their excess cash could be put to better use in a savings account.

Germany has set out three requirements that UniCredit would have to meet to take over Commerzbank, in the first in-person talks on the matter between Finance Minister Lars Klingbeil and UniCredit chief executive Andrea Orcel. The finance ministry said Commerzbank should stay listed on the stock market and retain its headquarters in Frankfurt, and must keep providing finance to German mid-sized businesses both domestically and overseas. The German state owns about 13% of Commerzbank, the country's second-largest listed bank. The talks mark the first time Berlin has publicly defined the terms it wants Orcel to satisfy, after UniCredit obtained just under 50% of Commerzbank shares during a formal offer this summer. A German finance ministry spokesperson said it is no longer about a hostile takeover but about finding the best path for the two banks. In June, federal authorities rejected UniCredit's proposal to exchange shares for a holding in Commerzbank, saying it did not provide an adequate premium over Commerzbank's market price at the time. In April, Orcel put forward a plan targeting Commerzbank net profit of €5.1bn by 2028, scaling back non-core international business and focusing on German SMEs, domestic households and operations in Poland. In May, Commerzbank said it would cut 3,000 jobs and set more demanding profit targets as it sought to bolster its case for remaining independent.

Nasdaq-listed DeFi Development Corp has increased its Solana treasury by 55,491 SOL, bringing total holdings to about 2.39 million SOL and SOL equivalents, a roughly 2% increase since August 27. The company said Monday it resumed regular Solana purchases and continues to generate yield from its holdings, making it the second-largest public-company holder of Solana after Forward Industries. Alongside the treasury increase, DeFi Development established a $300 million at-the-market offering for its CHAD perpetual preferred stock, the Variable Rate Series C Perpetual Preferred Stock, which carries an initial annual dividend rate of 13%. The company plans to issue the shares at or above their $10 par value, with most proceeds expected to fund additional SOL purchases. CEO Joseph Onorati said the company is growing its SOL treasury, generating more organic yield and delivering strong performance, with DFDV returning twice as much as SOL quarter-to-date.

DeFi Development said on Monday that its treasury holdings rose by 55.5K Solana to about 2.39M SOL and SOL equivalents, up roughly 2% since August 27, reflecting continued SOL purchases and organic treasury yield. The company also launched a $300M at-the-market offering of its Variable Rate Series C Perpetual Preferred Stock, known as CHAD, with shares to be sold at $10 or more. Net proceeds will be primarily used to buy additional SOL, though the $300M ATM does not mean the company is immediately raising $300M, as sales will depend on market conditions, investor demand, and capital needs. CEO Joseph Onorati said the new CHAD capacity gives the company another funding source to expand its SOL treasury and support SOL-per-share growth. On the market side, DFDV shares traded about 3.15% lower at roughly $4.92 in the pre-market session.

Germany's finance minister was due on Monday to meet UniCredit CEO Andrea Orcel to seek guarantees over the future of Commerzbank, as the Italian lender gears up to complete a takeover of its German rival. Lars Klingbeil would urge Orcel to protect jobs in Germany and ensure Commerzbank remains a key lender to the country's small- and medium-sized businesses, Berlin said. Despite fierce resistance from Berlin and the German lender, UniCredit has built up a stake of nearly 50 percent in Commerzbank and is close to sealing one of Europe's biggest banking mergers in recent years. A German finance ministry spokesman conceded the banks had moved into a different phase now and were negotiating a transaction, stressing that Commerzbank has over 40,000 employees whose interests Berlin wants to safeguard, that its core business model in financing Germany's small businesses should be preserved, and that its main operations should remain in Frankfurt. Berlin still believes it has some influence over the deal through its representation on Commerzbank's supervisory board and its roughly 12-percent stake in the bank, both legacies of a state bailout during the financial crisis, but its leverage is now likely to be diminished given the size of UniCredit's stake.

KTC has disclosed statistics showing that credit card members aged 60 and over are spending more per person and more frequently than in the same period last year, spanning categories such as health and beauty products, fashion apparel, and household goods. Mr. Sorachat Srilamoon, Chief Marketing Officer for KTC Credit Cards, noted that Thailand currently has more than 14.68 million people aged 60 and over, accounting for 20.9% of the country's total population, and that as many as 5.41 million of them remain active in the workforce. KTC has therefore shifted its marketing strategy from age-based marketing to understanding life stages, and has partnered with the Robinson department store chain to launch the campaign "Retire Happy, Live Life to the Fullest," running from September 1, 2026 to October 4, 2026. The campaign offers discounts of up to 50% on participating products and brands, and lets members redeem KTC FOREVER reward points for additional discounts and cashback totaling up to 25% at Robinson department stores nationwide. KTC also sees the spending of retirees as linked to the spending patterns of family members, whether children buying goods for their parents or shared household items, making this an opportunity in the Silver Economy market that is not limited to marketing to people aged 60 and over.

Upstart Holdings CEO Paul Gu purchased 50,000 shares of the company's stock on Thursday at an average price of $25.55 per share, a total value of approximately $1.28 million. The insider buy capped a busy week for the lender, which also drew fresh analyst attention and conference commentary. On Wednesday, Loop Capital initiated coverage on Upstart with a Hold rating and a $34 price target. Speaking Tuesday at the Goldman Sachs Communacopia and Technology Conference, Gu said the business is increasingly shaped by a sharper focus on core personal loans, even as a weaker consumer backdrop and higher operating costs weigh on near-term results. Gu also addressed Upstart's bank charter plan, calling it the largest discrete single project the company has undertaken in 2026, and said the investment currently functions as a cost center with no benefit this year but is expected to pay off once the bank launches in early 2027. Upstart shares fell 3.6% to $27.04 that day, near the lower end of their 52-week range.

AEON Thana Sinsap (Thailand), or AEONTS, has launched a 0% interest instalment campaign for the iPhone 18 lasting up to 36 months, aiming to capture year-end smartphone demand after Apple announced it will open pre-orders for Thai consumers from Saturday, September 12, 2026. Customers can pay in instalments using participating AEON cash cards or AEON credit cards. The campaign also offers a 600 baht discount coupon, a Soundcore speaker worth 899 baht, and other premium gifts at participating iStudio stores, subject to conditions set by the stores and the company. The campaign runs from September 12, 2026 to February 28, 2027, in collaboration with mobile and IT retail partners, mobile operators, and leading department stores nationwide, including Studio7, iStudio by Copperwired, iStudio by SPVI, iStudio by Uficon, TG, IT City / CSC, JIB, AIS, True, and PowerBuy.

KBRA has assigned preliminary ratings to four classes of Series 2026-1 notes totaling $500.02 million issued by OnDeck Asset Securitization IV, LLC. The transaction, ODAS IV 2026-1, is OnDeck's eleventh small business ABS securitization and is secured by a revolving pool of receivables underwritten under OnDeck's credit guidelines and originated through the OnDeck Platform to small businesses in the U.S. The notes feature a revolving period ending on the earlier of the close of business on September 30, 2028 or the date an Amortization Event occurs, and proceeds will fund the Series 2026-1 reserve account and purchase fixed-rate small business loans that are either Term Loans or funded portions of LOCs originated through the OnDeck Platform. OnDeck, founded in 2006, is a wholly owned subsidiary of Enova International, Inc., a publicly traded fintech company under the ticker ENVA, and has originated over $29 billion to over 206,000 small businesses since its founding, with 388 dedicated personnel as of July 2026. KBRA applied its Global General Rating Methodology for Asset-Backed Securities and its Global Structured Finance Counterparty Methodology, categorizing the deal as Category 1 – Financial Assets, and will review operative agreements and legal opinions prior to closing.

Muangthai Capital Public Company Limited, or MTC, has filed a draft registration statement with the Securities and Exchange Commission to prepare the issuance and offering of social development bonds. The bonds are unsubordinated, unsecured, and pay interest every three months, and will be offered to general investors and institutional investors, with proceeds to be invested in projects related to ESG. This bond issue is divided into 4 series. Series 1 has a tenor of 2 years, 10 months and 5 days, maturing in 2029, with a coupon of 2.65% per year. Series 2 has a tenor of 5 years and 26 days, maturing in 2031, with a coupon of 3.00% per year. Series 3 has a tenor of 7 years and 29 days, maturing in 2033, with a coupon of 3.45-3.55% per year. Series 4 has a tenor of 10 years, maturing in 2036, with a coupon of 3.90-4.00% per year. Subscription is open from 27-29 October 2026. Bangkok Bank, Siam Commercial Bank and CIMB Thai Bank are joint lead managers for the bonds offered to general investors and institutional investors, with only institutional investors who are natural persons eligible to subscribe in the capacity of general investors. Kasikornbank and Bank of Ayudhya are joint lead managers for the bonds offered to general investors and institutional investors, and also serve as the bondholders' representative. The bonds and the issuer carry an A-(tha) credit rating assigned by Fitch Ratings (Thailand) Limited on 5 September 2025.

Chayo Group Public Company Limited, or CHAYO, expects its operating results in the second half of 2026 to swing back to positive from the same period a year earlier, after cash collection from its bad-debt portfolio continued to improve, and it expects no high level of provisioning as seen in the second half of 2025. Chief Executive Officer Suksan Yosainthu said the company is maintaining its target for the parent company's 2026 profit at no less than 300 million baht, after posting a profit of about 201 million baht in the first half of this year. Its total portfolio of non-performing debt under management currently stands at about 100 billion baht, most of it unsecured debt, from which it expects to gradually collect revenue and cash flow over 5 to 8 years. It had originally set a 2026 NPL purchase budget of around 500 million to 1 billion baht and is continuing to seek additional new NPL portfolios, with an interest-bearing debt-to-equity ratio of 0.97 times. Its plan to repay debentures maturing in 2026 remains unchanged, after holders of all five series, namely CHAYO25NA, CHAYO263A, CHAYO26OA, CHAYO273A and CHAYO279A, approved a two-year extension of the redemption period for a combined value of more than 3.9329 billion baht, along with partial repayment of principal of no less than 10% of the outstanding value of the original debentures. It has recently made partial principal repayments on four series, leaving one series to be handled in November 2026.

Credit Saison announced on the 10th that it will jointly launch a personal banking service called Saison Bank (provisional name) with its capital partner Suruga Bank in early 2027. The service aims to lock in customers through preferential interest rates based on their Saison Card usage. The partners aim to open 100,000 deposit accounts and secure 100 billion yen in deposit balances within three years. Deposit accounts opened at Suruga Bank's internet branch, the Saison Branch, will be linked with Credit Saison's services, allowing card members to check their deposit balances through an app. In addition to preferential deposit interest rates, the companies are considering offering perks such as movie and sports tickets in partnership with other companies.

Muangthai Capital Public Company Limited, or MTC, plans to offer four series of baht-denominated social bonds to general investors in Thailand, with the subscription period expected to run from October 27 to 29, 2026. This marks the first baht-denominated social bond offering by a non-bank financial institution group in Thailand. The four series have tenors ranging from 2 years 10 months 5 days to 10 years, with fixed coupon rates of 2.65-4.00% per annum. Series 1 has a tenor of 2 years 10 months 5 days with a coupon of 2.65% per annum, Series 2 has a tenor of 5 years 26 days with a coupon of 3.00% per annum, Series 3 has a tenor of 7 years 29 days with a coupon of 3.45-3.55% per annum, and Series 4 has a tenor of 10 years with a coupon of 3.90-4.00% per annum. The bonds were assigned an A-(tha) credit rating by Fitch Ratings (Thailand) Limited on September 2, 2026, and the company is in the process of filing the debenture offering information report and draft prospectus with the Securities and Exchange Commission. Parithat Patcharachai, Chairman of the Executive Board, said the issuance is part of the company's funding management to spread out the average maturity of its liabilities and support loan portfolio growth, with proceeds to be used for lending under the company's social bond framework. He added that the company targets loan portfolio growth of 8-10% in 2026, after outstanding loans stood at 188.699 billion baht as of June 30, 2026, up 7.95% from the same period a year earlier, with a total of 8,906 branches and a target of 9,000 branches by the end of 2026. For its second-quarter 2026 results, the company reported total revenue of 8.127 billion baht and net profit of 1.905 billion baht, up 7.70% and 15.66% respectively from the same period a year earlier, lifting its net profit margin to 23.44% from 21.83% in the second quarter of 2025. In the first six months of 2026, total revenue was 16.064 billion baht and net profit was 3.728 billion baht.

Stewards, Inc., a diversified financial platform spanning private credit, real assets, and technology-enabled financial infrastructure, announced it has received approval to list its common stock on the Nasdaq Capital Market, with trading set to begin at market open on Thursday, September 10, 2026, under the existing ticker symbol "SWRD." The direct uplisting from the OTCID Market does not involve a concurrent public offering or issuance of new shares, and remains subject to the effectiveness of the Company's Form 8-A and customary listing conditions. CEO Shaun Quin called the move an important milestone reflecting progress in building the Company and positioning it for growth, while Chairman Glen Steward noted that Nasdaq broadens visibility and introduces Stewards to a wider investor community. Since 2020, the platform has originated more than $153 million in cumulative direct and syndicated funding across over 10,000 small businesses, and the Company continues to expand into income-producing real assets and technology initiatives.

ASA International Group reported a 70% year-over-year rise in first-half net profit to $45.6 million, with underlying profit up 42% to $34.3 million, and raised its interim dividend 43% to $0.069 per share. The microfinance lender's client base exceeded 2.7 million, and its loan portfolio reached $600 million, up 18% reported and 24% at constant currency. East Africa led growth, though PAR 30 rose slightly to 2.4% amid challenges in Uganda, Ghana, and the Philippines. The company has effectively completed its India exit and plans to enter the Democratic Republic of Congo early next year. ASA International expects full-year underlying profit to meet or slightly exceed the $70.2 million consensus.

Muangthai Capital Public Company Limited (MTC) is preparing to offer its first baht-denominated Social Bond to general investors in Thailand, marking the first such issuance by a non-bank financial institution (NBFI). The offering consists of four tranches, with the subscription period expected to run from October 27-29, 2026. The bonds were rated "A-(tha)" by Fitch Ratings (Thailand) on September 2, 2026. The four tranches have different tenors and fixed interest rates: Tranche 1 has a tenor of 2 years, 10 months, and 5 days, with an interest rate of 2.65% per annum; Tranche 2 has a tenor of 5 years and 26 days, with an interest rate of 3.00% per annum; Tranche 3 has a tenor of 7 years and 29 days, with an interest rate of 3.45-3.55% per annum; and Tranche 4 has a tenor of 10 years, with an interest rate of 3.90-4.00% per annum. The minimum subscription is 100,000 baht, with increments of 100,000 baht. The proceeds will be used as a source of funds for lending under the Social Bond framework to support projects that benefit society and communities. As of June 30, 2026, the company had outstanding loans of 188,699 million baht, an increase of 7.95% from the same period last year, and a total of 8,906 branches nationwide, with a target to expand to 9,000 branches by the end of 2026.

MTC, or Muangthai Capital Public Company Limited, a leader in auto title loan business, is preparing to offer 4 tranches of Social Bonds to general investors. This marks the first baht-denominated Social Bond offering by a non-financial institution (NBFI) group in Thailand. The subscription period is from October 27-29, 2026. The bonds are rated "A-(tha)" by Fitch Ratings (Thailand). The fixed interest rates are 2.65% per annum for the 2-year 10-month 5-day tranche, 3.00% per annum for the 5-year 26-day tranche, 3.45-3.55% per annum for the 7-year 29-day tranche, and 3.90-4.00% per annum for the 10-year tranche. The minimum subscription is 100,000 baht, available through Bangkok Bank, Kasikornbank (including Kasikorn Securities), CIMB Thai Bank, and Siam Commercial Bank (including Innovest X Securities). The proceeds will be used for lending under the Social Bond Framework, supporting projects that benefit communities. MTC targets loan portfolio growth of 8-10% in 2026. As of June 30, 2026, outstanding loans stood at 188,699 million baht, up 7.95% from the same period last year, with 8,906 branches, aiming to reach 9,000 branches by year-end. In Q2/2026, total revenue was 8,127 million baht and net profit was 1,905 million baht, up 7.70% and 15.66% respectively.

Italy's major bank UniCredit announced on the 8th that it has received permission from the European Central Bank (ECB) to apply a favorable banking regulation known as the 'Danish compromise' when calculating the impact of its stake in an insurance subsidiary on its capital. Under the Danish compromise, instead of fully deducting investments in insurance businesses held by banks from their capital, a risk weight can be applied. This measure was introduced as a temporary measure when Denmark held the presidency of the European Union (EU) and was later made permanent. UniCredit stated in a statement that it will apply the new calculation method from the third quarter and expects its core capital ratio to rise by 0.5 percentage points. Last year, the bank bought out the stakes in its joint venture from CNP Assurances and Allianz, completing the in-house provision of its domestic life insurance business. The Danish compromise applies to insurance subsidiaries that are controlled by the bank and fully consolidated in its financial statements, so it does not apply to UniCredit's approximately 9% stake in Italy's insurance giant Generali, which it holds as a financial investment.

Muangthai Capital or MTC expects its business in the second half of 2026 to recover after the agricultural sector shows signs of improvement. The company targets loan portfolio and revenue growth of 8-10% in 2026 through its network of over 9,000 branches nationwide. Mr. Paritat Patcharai, Chief Executive Officer, said that higher prices of palm oil, rubber, and off-season rice have helped increase income and liquidity for farmer customers. Meanwhile, financial costs remain manageable, and the company maintains an NPL coverage ratio as high as 140% to absorb volatility, with NPL at 2.61%. Krungsri Securities research maintains a "Buy" recommendation and a 2027 target price of 44 baht, viewing asset quality as controllable and expecting net profit for 2026-27F to have upside potential from credit costs. The current share price trades at a PBV of 1.3-1.4 times, which is 1.75 standard deviations below the average.