RHB’s 3Q21 results were above expectations – we revise FY21/22E net profit by +15%/-8%. The group’s strong CET1 ratio of 16.8% (15.7% at the bank level) paves the way for potentially better dividend payouts moving forward. BUY maintained with a lower TP of MYR6.00 (-30sen), pegged to a lower CY22 PBV of 0.8x (ROE: 7.9%) from 0.9x previously.