Affin Bank AFIN.KL ABANK MK EQUITY: FINANCIALS Deteriorating asset quality Maintain Neutral, TP cut to MYR2.40 2Q26 in line with our forecasts, but below consensus estimates: Affin's 2Q26 net profit at MYR128mn was down 6% q-q and down 11% y-y, and 1H26 net profit formed 50% and 46% of our previous forecast and the Bloomberg consensus estimate, respectively ( Fig. 1 ). The sequential earnings decline was due to lower NIM, lower NOII and higher credit cost, while opex was flat q-q. Uncertain on FY26E guidanc ...

Accessible version Security Bank NII-driven 2Q26 growth brings 1H in-line - Buy Maintain Rating: BUY | PO: 81.00 PHP | Price: 67.40 PHP 2Q26 profit rose 11% YoY, 1H26 up 4% - meet SECB 2Q26 net income rose 11% YoY and +25% QoQ to P3.4bn. This is a strong recovery after a mild miss at 1Q26 (-4% YoY) and brought 1H26 net income up 4% YoY to P6.1bn. Results are in-line with BofA at 50% of our FY26E (+5% YoY) and in contrast to mild misses at BDO/BPI. NII beat, up 38%/33% YoY in 2Q/1H26 mainly on NIM expansion ...