Record CNP for two consecutive quarters

■ 9M21 CNP was above expectations at 86% of our and Bloomberg full-year estimates, due to lower-than-expected overheads.
■ We take a positive view on RHB’s ability to post all-time high CNP for two consecutive quarters despite the setbacks from Covid-19 lockdowns.
■ Reiterate Add given its above-industry loan growth, attractive valuation (CY22F P/E of 8.4x), and enticing dividend yield of 5-6% in FY21-22F.