J P M O R G A N Asia Pacific Equity Research 21 July 2026 SCB X PCL NIM expanded 5bps q/q after over a year of compression. The bank delivered another strong trading quarter with FVTPL gains at Bt4.3bn from Bt2.3bn in 1Q26. Wealth management income grew 7% q/q (+57% y/y). Key Negatives/Question Marks Costs came in slightly higher than expectations (+3% q/q). NPL formation appears to have moved up, with bank-only data suggesting increases across categories (corporate, SME, housing, auto). Likely Changes to C ...