Kiatnakin Bank Pcl, Thailand’s smallest publicly traded lender by market value, gained the most in a year in Bangkok trading after third-quarter profit increased 10 percent.
Net income rose to 742.9 million baht ($22 million) in the three months ended Sept. 30 from 674.2 million baht a year earlier, the lender said in a filing today. The decline in funding costs widened its net interest margin, the bank said.
“Kiatnakin’s lending expanded well despite intensifying competition” for automobile loans from larger banks, Suwat Bumrungchatudom, an analyst at Bualuang Securities Pcl, wrote in a note today. Suwat raised Kiatnakin’s rating to “hold” from “sell.”
The bank’s stock has more than doubled this year compared with a 63 percent advance in the SET index.
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