PPOP struggles■ 2Q21 net profit growth rebounded to 23.4% yoy (1Q21: 3.6% yoy; 1H21: 13%yoy), driven by falling impairment charges amidst improving asset quality.■ Unlike big bank peers, its 2Q21 pre-provisioning operating profit (PPOP)growth was subdued at 1.7% yoy, and similar to 1Q21's 2.8% yoy.■ As we expect the base for 2H21F net profit growth […]

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