MY : RHB Bank Bhd - A record quarterly NP despite Covid-19

RHB Bank’s 1Q21 net profit was above our expectations, accounting for 35% of our full-year forecast, due to higher-than-expected net interest income. We estimate a net profit of RM600m-650m for RHB Bank in 2Q21F, translating to a yoy growth of 50-62%. We retain our Add call, premised on an expected recovery in net profit growth to our projected 7.8% in FY21F. Our DDM-based TP rises to RM6.30.

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