KUALA LUMPUR, Aug 26 — Kenanga Investment Bank Bhd’s net profit for the second quarter ended June 30, 2021, rose to RM30.57 million from RM20.47 million posted in the same quarter last year.
On prospects, Kenanga Investment Bank said it foresees a strong resumption of economic recovery towards the end of the year, with the 2021 gross domestic product growth forecast is expected to settle at 3.5 per cent to 4.0 per cent . “Nonetheless, our forecast remains subject to several downside risks, including the resurgence of new Covid-19 cases both domestically and globally amid fears of the new variant, domestic political uncertainty, and renewed United States-China tensions,” it said.
“However, we believe BNM still has room to slash the OPR by another 25 to 50 basis points to support growth if the Covid-19 situation and political uncertainty worsens,” it said.