Earnings rebound seen for banks next year

The banking sector in Malaysia is expected to see a recovery in loan growth next year as the country’s economy rebounds from the Covid-19 lockdown.

It noted that on an annualised basis, industry loan growth stood at 3.7% y-o-y in October, led by non-household loan growth of 4.4% and annualised household loan growth of 3.2%. However, it noted that the prosperity tax was just a one-off event; hence, it expected the sector to see earnings rebound by 18% in 2023.

Maybank IB recommended “buy” for RHB Bank Bhd, AMMB Holdings Bhd, Hong Leong Bank Bhd, Hong Leong Finance Group Bhd, BIMB and Alliance Bank Malaysia Bhd.

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Insight- Banks see gradual earnings recoveryBARRING the emergence of new virus variants which can affect the economy, banks expect to see a gradual improvement in earnings recovery.
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