Sector Update
♦ Overall, 1QCY10 reporting season resulted in another quarter of record aggregate profit (+47.7% yoy;+3.8% qoq) being reported for the domestic banking system. Non-interest income was higher while net interest income, overheads and loan loss provisions were generally stable qoq.
♦ Notwithstanding the record profits, this appeared to have been largely factored in. Of the eight bank stocks that we cover, two came in above our expectations while the rest were within our estimates (4QCY09: three above and five in line). As compared to consensus, two results were above consensus estimates while the rest were in line (4QCY09: two above and six in line).
RHB Equity 360° - 3 June 2010 (Banks, Gaming; Technical: Ann Joo Resources)
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