2Q26 Earnings Review: Strong wealth and investment gains drive beats, but positives more than reflected in valuations

研报英文原文证据摘录

2Q26 Earnings Review: Strong wealth and investment gains drive beats, but positives more than reflected in valuations

Equity Research

23 July 2026 | 4:36PM SGT

THAILAND BANKS

2Q26 Earnings Review: Strong wealth and investment gains drive beats,

but positives more than reflected in valuations

2Q26 Earnings: Fee and gains drive beats with some sign of loan pick up but CoC Melissa Kuang, CFA

+65-6889-2869 |

remain elevated melissa.kuang@gs.com

Goldman Sachs (Singapore) Pte

2Q26 earnings generally surprised on the upside, with KBANK, KTB, SCBX and TTB

Wayne Wang

beating GSe and consensus expectations, while BBL was the only miss due to +65-6889-2866 |

wayne.q.wang@gs.com

continued prudent provisioning and softer fee income growth versus peers. On Goldman Sachs (Singapore) Pte

aggregate, GS‑covered Thai banks delivered 1%/13% qoq/yoy earnings growth,

driven by (1) Robust fee income supported by continued wealth management

momentum, stronger mutual fund, bancassurance and securities activity, (2) Higher

investment gains due to favourable market conditions, and (3) Pick‑up in loan

growth, with GS covered banks loans expanding 1.2% qoq. Offsetting these

positives were (4) NIM compression of up to -7bps qoq following recent rate cuts

and (5) Elevated credit costs, as banks maintained a prudent stance amid a still

uncertain macro environment.

Three key things to watch for 2H

(1) Fee income: A key focus remains whether the strong wealth management fee

momentum can be sustained into 2H26. Across the sector, banks also expect some

pressure on fee income from the Bank of Thailand’s upcoming fee reduction

measures, which could partially offset continued strength in wealth-related

activities. (2) Credit cost: Banks continue to guide towards the upper end of their