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

Equity Bottom-Up

<ul><li>TTB reported a 1Q26 net profit of Bt5.2bn, up 1.5% YoY but down 1.3% QoQ, broadly in line with our and market expectations.</li><li>Net interest income (NII) remained soft, pressured by: i) loan contraction (-2.7% YoY, -2.2% QoQ), reflecting a cautious growth strategy focused on asset quality.</li><li>Non-interest income showed strong growth (+37.4% YoY, +10.2% QoQ), driven by: i) YoY contribution from securities business fees following the acquisition in July 2025; ii) continued solid growth in bancassurance, mutual fund, and credit card fees.</li></ul>

TTB reported a 1Q26 net profit of Bt5.2bn, up 1.5% YoY but down 1.3% QoQ, broadly in line with our and market expectations.Net interest income (NII) remained soft, pressured by: i) loan contraction (-2.7% YoY, -2.2% QoQ), reflecting a cautious growth strategy focused on asset quality.Non-interest income showed strong growth (+37.4% YoY, +10.2% QoQ), driven by: i) YoY contribution from securities business fees following the acquisition in July 2025; ii) continued solid growth in bancassurance, mutual fund, and credit card fees.

TMBTHANACHART BANK Plc. (TTB): In-Line Earnings; Higher Provisions to Cushion Risks

TMBThanachart Bank

TMBTHANACHART BANK Plc. (TTB): In-Line Earnings; Higher Provisions to Cushion Risks