CIMB Niaga saw another strong quarter in 2QFY23 with a net profit of Rp1.65tln (+23.3% YoY, +4.5% QoQ) reported. Improvements continued to be seen all round, with non-interest income growth particularly strong (+10.5% YoY, +2.0% QoQ), as loan loss provisions (-18.8% YoY, +4.1% QoQ) remain relatively steady. Encouragingly, management has raised its Return on Equity (ROE) target for 2023 to between 14% and 16% (12% to 14% previously), indicative of its confident outlook for the year. 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. We remain affirmed over CIMB Niaga (and the Group’s) longer-term prospects, underpinned by its growth initiatives. We maintain our Outperform call with an unchanged target price of RM6.70.
Source: PublicInvest Research - 1 Aug 2023
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