Research houses positive on CIMB Group following CIMB Niaga's 3Q result

KUALA LUMPUR: Maybank Investment Bank Bhd (Maybank IB) has maintained its ‘buy’ call on CIMB Group Holdings Bhd with a target price (TP) of RM6.20, after the group’s 92.5 per cent-owned PT CIMB Niaga Tbk (CIMB Niaga) posted solid financial results for the third quarter of 2022 (Q3 2022).

CIMB Niaga posted a net profit of IDR1.31 trillion (100 rupiah = RM3.02) during the quarter, marking a 22 per cent increase year-on-year (y-o-y) and a 10 per cent increase quarter-on-quarter (q-o-q).