3Q16 sector earnings expanded a modest 0.4% yoy due to lower-than-expected loan growth and sluggish fee income growth. Gross impaired loans continued to trend upwards but at a milder pace, helping to sustain a relatively benign provision trend. However, as banks will have to contend with higher provisions post MFRS9 implementation in 2018 we continue to favour banks with high provision buffers - Public Bank and BIMB. Maintain MARKET WEIGHT.
Source: UOB Kay Hian Research - 5 Dec 2016
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