A recent report from CGS International Securities (CGSI) highlights that Thailand’s major financial institutions are trailing their regional counterparts in wealth management revenue. While investable assets in the country continue to rise, the top four Thai banks—Kasikornbank (KBank), Siam Commercial Bank (SCB), Krung Thai Bank (KTB), and Bangkok Bank—derive only 13% to 19% of their non-interest income from wealth fees. This stands in sharp contrast to Singapore’s DBS, which generated 57.5% of its non-interest income from wealth management in 2025.
This gap represents a significant missed opportunity, especially as traditional lending faces headwinds. Thai lenders are currently grappling with sluggish loan growth and high credit costs exacerbated by regional geopolitical tensions. First-quarter results underscored this struggle, with several major banks reporting lower profits or relying on one-time investment gains to bolster their bottom lines. Analysts from CreditSights suggest that high credit costs will continue to weigh on the sector, making the shift toward capital-light, fee-based revenue more urgent.
CGSI analyst Weerapat Wonk-Urai identifies KBank and SCB as the frontrunners for expansion in this space. Both institutions have leveraged advanced digital platforms and sophisticated customer segmentation to target the mass affluent and high-net-worth markets. In 2025, wealth management already contributed over 5% of their total operating income, and both are targeting fee growth of up to 9% in 2026.
In contrast, Bangkok Bank and KTB are viewed as having substantial untapped potential but require more fundamental shifts to catch up. To compete effectively, these banks will likely need to integrate wealth management more deeply into their core strategies, upgrade their product offerings, and expand their teams of relationship managers. Success in growing these fee-based streams could significantly improve return on equity across the Thai banking landscape.
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