Equity Analysis /

MY : Bank Islam Malaysia Bhd - Keeping a rein on financing loss provisioning

    Winson Ng
    Winson Ng

    Financial Services Analyst

    30 November 2021
    Published byCGS-CIMB

    9M21 core net profit was above our expectation (89% of our full-year forecast), due to lower-than-expected financing loss provisioning. We project a strong 33% qoq increase in 4Q21F core net profit, underpinned by a recovery in non-fund based income. Reiterate Add in view of its strong asset quality and position as the biggest beneficiary of an expected OPR hike next year.