CIMB, Public Bank and AmBank are among the top picks, says analysts.
PETALING JAYA: Investment analysts have maintained a positive stance on the banking sector with industry loan growth expected to reach 4% to 4.5% by end-2023.
Kenanga stated the system loans grew by 4.2% year-on-year in August 2023, with household loans remaining dominant at 5.5%. “This would likely materialise on the back of flattish OPR expectations towards 2024, supported by the rates in the US that has more or less peaked,” it noted. Meanwhile, Maybank Investment Bank Bhd said loan applications are expanding again, having contracted over the past two months.
However, RHB Research maintained a “neutral” call on the sector amid a backdrop of normalising earnings growth heading into 2024.
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