Maybank reported a flattish 3QFY23 net profit of RM2.36bn (+12.3% YoY, +0.8% QoQ) on a sequential basis, with lower loan loss provisions mitigating weaker net interest income contributions. Cumulative 9MFY23 net profit of RM6.96bn (+21.0% YoY) is broadly in line with our expectations at 72% of full-year numbers, though closely within consensus at 75%. Numbers were a mixed bag, with margin compressions continuing to impact fund-based income though foreign exchange gains provided mitigating support via fee-based income. Loan loss provisions were helped by write-backs meanwhile. We trim our estimates by an average of 3.5% as we make changes to assumptions in non-interest income contributions and credit costs. Near-term challenges notwithstanding, we continue to like the Group’s prospects, underpinned by its M25+ initiatives. Our Outperform call and TP of RM9.70 are retained.
Source: PublicInvest Research - 23 Nov 2023
Chart | Stock Name | Last | Change | Volume |
---|
2024-11-23
MAYBANK2024-11-22
MAYBANK2024-11-22
MAYBANK2024-11-22
MAYBANK2024-11-22
MAYBANK2024-11-21
MAYBANK2024-11-21
MAYBANK2024-11-21
MAYBANK2024-11-21
MAYBANK2024-11-20
MAYBANK2024-11-20
MAYBANK2024-11-20
MAYBANK2024-11-20
MAYBANK2024-11-20
MAYBANK2024-11-19
MAYBANK2024-11-19
MAYBANK2024-11-19
MAYBANK2024-11-19
MAYBANK2024-11-18
MAYBANK2024-11-18
MAYBANK2024-11-18
MAYBANK2024-11-18
MAYBANK2024-11-15
MAYBANK2024-11-15
MAYBANK2024-11-15
MAYBANK2024-11-15
MAYBANK2024-11-14
MAYBANK2024-11-14
MAYBANK2024-11-13
MAYBANK2024-11-13
MAYBANK2024-11-13
MAYBANK2024-11-13
MAYBANK2024-11-13
MAYBANK2024-11-13
MAYBANK2024-11-13
MAYBANK2024-11-13
MAYBANK2024-11-12
MAYBANK2024-11-12
MAYBANK