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.