บทวิเคราะห์ (Research)

1Q25 net profit was B1.6bn, in line with our forecast and Bloomberg consensus, falling 3%qoq and 5%yoy due to higher credit cost. NPL/Loan was 2.42% (lower than 2.5% expected), up from 2.35% in 4Q24 from auto title loans. Stage 2/Loan was 8% (close to 4Q24). Coverage ratio was 154%, close to 155% in 4Q24. 1Q25 net profit made up 24% of our 2025 forecast and 25% of 2025 Bloomberg consensus and was equal to 25% of 2024 net profit.