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Research by CGS
Add - TP RM30

"Fifth consecutive quarter of NIM expansion"

■ HLB’s FY6/24 net profit was within expectations, accounting for 99% of our forecast and 98% of the Bloomberg consensus estimate.
■ We regard HLB as among the best Malaysian banks from a NIM perspective, as reflected by the qoq expansion of its NIM over the past five quarters.
■ Reiterate Add, given its above-industry loan growth in FY25F and one of the lowest credit charge-off rates in the sector.

Analyst:
Winson NG, CFA
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$KLSE-HLBANK
Research by CGS
Add - TP RM30

"Fifth consecutive quarter of NIM expansion"

■ HLB’s FY6/24 net profit was within expectations, accounting for 99% of our forecast and 98% of the Bloomberg consensus estimate.
■ We regard HLB as among the best Malaysian banks from a NIM perspective, as reflected by the qoq expansion of its NIM over the past five quarters.
■ Reiterate Add, given its above-industry loan growth in FY25F and one of the lowest credit charge-off rates in the sector.

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