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Kiatnakin Climbs Most in One Year After Profit Gains

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.

The stock jumped 9.3 percent to close at 23.6 baht on the Stock Exchange of Thailand, its biggest advance since Oct. 14, 2008. The benchmark SET Index (SET) rose 2 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.

To contact the reporter on this story: Anuchit Nguyen in Bangkok at anguyen@bloomberg.net.

To contact the editor responsible for this story: Linus Chua at lchua@bloomberg.net.

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