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
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MAYBANKCreated by PublicInvest | Nov 12, 2024