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CIMB Research maintains Neutral on banks, Maybank top pick
by hlk Tue 06 Dec 2011, 13:58
KUALA LUMPUR (Dec 6): CIMB Equities Research said Malaysian banks’ 14.8% net profit growth in 3Q11 is no cause for elation as it was slightly below expectations.
It said on Tuesday the growth came primarily from unsustainably strong growth of investment income and write-backs.
“Topline growth is weak, going by the 2.4% rise in net interest income. Banks’ earnings misses for two straight quarters do not point to a promising outlook,” it said.
CIMB Research said though net interest margins is expected to stabilise, there is earnings risk from weaker loan growth and investment banking income.
It said on Tuesday the growth came primarily from unsustainably strong growth of investment income and write-backs.
“Topline growth is weak, going by the 2.4% rise in net interest income. Banks’ earnings misses for two straight quarters do not point to a promising outlook,” it said.
CIMB Research said though net interest margins is expected to stabilise, there is earnings risk from weaker loan growth and investment banking income.
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