$CIMB / 1023 (CIMB GROUP HOLDINGS BERHAD)
Research by CGS
ADD – TP RM8.66

" NIM trending up in 2Q24”

■ CIMB’s 1H24 net profit was within expectations (at 51% of our full-year forecast) but the special dividend of 7 sen/share was a positive surprise.
■ We project a 6.3% yoy increase in CIMB’s 2H24F net profit, underpinned by higher net and non-interest income.
■ Reiterate Add on CIMB premised on improved outlook for its net interest margin (NIM) and potential further increase in dividend payout ratio.

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