CIMB Niaga reported a robust 1QFY23 net profit of Rp1.58tln (+32.4% YoY, +31.9% QoQ), incidentally its highest quarter on record, on the back of strong interest income growth (+16.9% YoY, +5.3% QoQ) and notably lower loan loss provisions (-34.2% YoY, -25.0% QoQ). The bank remains well-placed to weather growing economic uncertainties, underpinned by further improvements in its efficiency and productivity, and improving traction from its portfolio mix optimization. With Indonesia’s post COVID economic recovery gaining a greater foothold, we remain enthused over CIMB Niaga (and the Group’s) longer-term prospects, underpinned by its F23+ strategic initiatives. We maintain our Outperform call with an unchanged target price of RM6.70.
Source: PublicInvest Research - 28 Apr 2023
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CIMBCreated by PublicInvest | May 03, 2024