HLB’s 9MFY6/21 net profit was above our expectation (at 83% of our full-year forecast), mainly due to stronger-than-expected net interest income. We forecast FY6/21F net profit to grow a healthy 10%, to be driven by a 23.7% increase in net interest income. Reiterate Add on HLB given its superior performance relative to its peers in terms of net interest margin and loan loss provision.
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