MY : Malayan Banking Bhd - Estimate 50-60% yoy CNP growth in 2Q21F

Although Maybank’s 1QFY21 net profit accounted for 32% of our full-year forecast, we deem this in line in anticipation of weaker quarters ahead qoq. We forecast strong core net profit (CNP) growth of 50-60% yoy in 2Q21F, from a low base as 2Q20 was impacted by higher LLP/lower margins. Reiterate Add on Maybank, premised on the expected recovery in core net profit growth to our projected 10.5% in FY21F.

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