2Q26F preview: NOII should offset NIM pressure

Research evidence excerpt

2Q26F preview: NOII should offset NIM pressure

Global Markets Research

CIMB Group CIMB.KL CIMB MK 21 July 2026

EQUITY: FINANCIALS

Rating2Q26F preview: NOII should offset NIM pressure Remains Buy

Target price MYR 9.00 RemainsQuick Note

Closing priceCIMB hosted an analyst call on 21 July to provide operational updates. The group’s 20 July 2026 MYR 7.75

upcoming 2Q26 results announcement is scheduled for 28 Aug 2026. Key subsidiary

CIMB Niaga (BNGA IJ, Neutral) will release its 2Q26 results on 11 Aug 2026. Key

takeaways from the call are below: Research Analysts

Loans and asset growth remains strong; good visibility on pipeline Malaysia Banks

According to management, group asset growth remained healthy in 2Q26. Malaysia Tushar Mohata, CFA - NSM

continued to deliver strong growth, with loan momentum picking up. According to tushar.mohata@nomura.com

management, the pipeline of loan drawdowns is strong for 2H26, and it deliberately raised +60(3)20276895

liquidity during 2Q to prepare for these drawdowns. Research Associates

1. Malaysia commercial loan growth remained weak, with balances down q-q and Malaysia Banks

growing only at a low single-digit rate y-y in 2Q26, due to weak demand. Management Alpa Aggarwal, CFA - NSFSPL

attributed this primarily to weak demand rather than a lack of capital or capacity. SME

and commercial banking in Malaysia continue to generate attractive ROEs and these

segments would be candidates for additional capital deployment when demand

recovers, according to management.

2. In Indonesia, the bank maintains a cautious stance towards parts of the commercial

portfolio and moderating auto financing growth. Niaga’s growth could remain moderate

through the remainder of 2026E and potentially into 2027E, as per management.

3.