Middle East Conflict Weighs on Thai Banks as Profits Slip

Top Thai banks struck a cautious tone on their 2026 outlook after reporting weak first-quarter net income, underscoring growing risks from Middle East conflict and a global energy shock.

SCB X Pcl, the country’s largest lender by market value, reported more than an 18% drop in net income to 10.2 billion baht ($317 million), missing expectations. Kasikornbank Pcl, the second-largest, also posted softer results, with profit down 3% after stripping out a one-off investment gain. Bangkok Bank Pcl said earnings fell 13% to about 11 billion baht.