[%UsJZ%]
Research by CGS
ADD – TP RM12.30

"An upturn in NIM in 2Q24”

■ Maybank’s 1H24 net profit was within expectations, accounting for 48% of our full-year forecast and 51% of Bloomberg consensus’.
■ We project a 14.2% yoy increase in its 2H24F net profit, driven by higher non-interest income and potential recovery in net interest income growth.
■ Reiterate Add, premised on potential write-backs in its management overlay and our expectation of an expansion in ROE in FY23-26F

Analyst:
Winson NG, CFA
[%AIUb%]

$KLSE-MAYBANK
Research by CGS
ADD – TP RM12.30

"An upturn in NIM in 2Q24”

■ Maybank’s 1H24 net profit was within expectations, accounting for 48% of our full-year forecast and 51% of Bloomberg consensus’.
■ We project a 14.2% yoy increase in its 2H24F net profit, driven by higher non-interest income and potential recovery in net interest income growth.
■ Reiterate Add, premised on potential write-backs in its management overlay and our expectation of an expansion in ROE in FY23-26F

Analyst:
Winson NG, CFA
winson.ng@cgsi.com