Krung Thai Bank – Lower Credit Tail Risk

Siam Commercial Bank: Surprising on the Upside

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

<ul>
<li>Bangkok Bank reported 4Q21 bottom-line results of THB 6.3 bn, declining THB 591 mn (8.6%) on a linked quarter basis, driven by costs which rose THB 3.5 bn or 21.8%; </li>
<li>Outside of expenses, BBL had a pretty solid quarter with net interest income improving and provisions declining; and </li>
<li>We find that BBL’s annualized net new NPLs were negative, and that reserves likely will begin being reversed in the near-term. </li>
</ul>


Bangkok Bank reported 4Q21 bottom-line results of THB 6.3 bn, declining THB 591 mn (8.6%) on a linked quarter basis, driven by costs which rose THB 3.5 bn or 21.8%; 
Outside of expenses, BBL had a pretty solid quarter with net interest income improving and provisions declining; and 
We find that BBL’s annualized net new NPLs were negative, and that reserves likely will begin being reversed in the near-term. 


Bangkok Bank Public

Bangkok Bank – Positive Credit Turn