Equity Analysis /
Malaysia

MY : Affin Bank Berhad - Expecting strong 4Q21F net profit growth

    Winson Ng
    Winson Ng

    Financial Services Analyst

    CGS-CIMB
    21 November 2021
    Published by

    Although Affin’s 9M21 net profit accounted for only 67.3% of our full-year forecast, we regard the results as in line in anticipation of a stronger 4Q21F. We project a net profit of RM155.6m in 4Q21F (+16.8% qoq from RM133.2m in 3Q21 and vs. et loss of RM9.4m in 4Q20). We reiterate our Reduce call as we see higher credit risks from Covid-19 for Affin Bank relative to its peers, judging from its above-industry GIL ratio.