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MBB - Robust bottom line growth justifies Outperform rating - Earnings Flash

MBB released encouraging results for 2016 with PBT and NPAT growth of 13.3% and 14.4%, respectively. Despite a lower NIM and rising operating expenses, MBB achieved decent profit growth thanks to high loan growth and good growth of non-interest income. We will revisit our forecast in the coming update report. We reiterate current OUTPERFORM rating for MBB.