CIMB

[winston]

not vested

Improved operating efficiency

CIMB’s 1H25 net profit was below our expectation (46.2% of our full-year forecast) due to lower-than-expected net and non-interest income.

We expect CIMB’s net profit to increase by 2.5% yoy in 2H25F, due to the improvement in loan growth but partly offset by NIM compression.

Reiterate Add on CIMB premised on our projections for a recovery in its loan growth in 2H25F and improvement in operating efficiency.

TP: RM 8.60

Source: CGS

https://rfs.cgsi.com/api/download?file= ... 44388928A1