Although Affin’s 1Q21 net profit only accounted for 14.7% of our full-year forecast, we regard this as in line in anticipation of stronger quarters ahead. We expect a net profit of around RM100m in 2Q21F (+40-50% yoy and qoq), driven by lower LLP and expansion in net interest margin. We reiterate our Reduce call as we see higher credit risks from Covid-19 for Affin Bank, relative to its peers.
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