A pullback in total provision in Feb 22
? Loan growth sustained at 4.7% yoy at end-Jan 22 and end-Feb 22 (+4.7% yoy for household loans and +5.5% for business loan in Feb 22).
? We expect banks’ 1Q22F LLP to be largely stable or lower yoy given the mom decline in the industry’s total provision in Feb 22.
? Reiterate sector Overweight premised on the expected continuous recovery in earnings growth in 2022F, underpinned by OPR hike and lower LLP.