Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

A full service Thai brokerage

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

Thematic (Sector/Industry)

Thailand Financials / Thematic (Sector/Industry)

<ul><li>The six banks under our coverage are expected to report combined net profit of Bt43bn in 2Q25E, remaining flat YoY but down 9.0% QoQ, due to a continued contraction in total revenue, both interest and non-interest income.</li><li>Overall loan growth has slightly slowed, while NIM continues to decline, although total provisions have also decreased.</li><li>We maintain our Neutral investment weighting for the banking sector, despite continued weakness in loan growth and NIMs. </li></ul>

The six banks under our coverage are expected to report combined net profit of Bt43bn in 2Q25E, remaining flat YoY but down 9.0% QoQ, due to a continued contraction in total revenue, both interest and non-interest income.Overall loan growth has slightly slowed, while NIM continues to decline, although total provisions have also decreased.We maintain our Neutral investment weighting for the banking sector, despite continued weakness in loan growth and NIMs. 

Industry Update: Banking - JULY 4, 2025