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Bond Market News
Krung Thai Bank Upgraded to BBB by S&P
March 20, 2025
Krung Thai Bank (KTB) was upgraded by a notch to BBB from BBB- by S&P. The upgrade reflects KTB’s stronger business position, driven by its dominant market share in Thailand, improved profitability, and prudent management. KTB’s loan market share grew as its loan book expanded by 4.7% in 2024 while the broader banking sector saw a contraction. The bank closed its profitability gap with peers, improving its net interest margin (NIM) to 3.29% in 2024, surpassing the sector average of 3%, aided by higher rates and lower funding costs. According to S&P, the bank’s asset quality has improved, with a decline in non-performing loans and better risk management. KTB maintains a provision coverage ratio of 188.6% along with capital adequacy ratio at 21.4% and benefits from government backing due to its systemic importance and majority government ownership, the rating agency added.
Its 4.4% Perp traded stable at 98.16, yielding 6.33%.
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