Maybank’s 9M core net profit within CGS-CIMB Research’s forecast

CGS-CIMB Research said Maybank’s 3Q20 CNP surged by 65.4% quarter-on-quarter (QoQ) due to a 53.8% QoQ drop in loan loss provisioning (LLP).

KUALA LUMPUR: Malayan Banking’s (Maybank) core net profit (CNP) for the nine months ended Sept 30 was within CGS-CIMB Equities Research’s expectations, accounting for 79% of its full-year forecast.

“However, we regard the 9M20 CNP as above market expectations, at 83% of the Bloomberg consensus estimate. The interim DPS of 13.5 sen was a positive surprise, as Maybank had previously stated that it would only revisit its dividend payments on the release of its 4Q20 financial results in Feb 2021, ” it said on Monday.