KMB's operating performance remains strong, although business growth has moderated owing to weaker trends in corporate banking and business banking and CV/CE portfolios.

Continue believing in KMB's capability to deliver in a challenging environment and appreciate the progress the bank is making in building a strong liability franchise

Increased product offering on the combined network, customer acquisition through wallet mechanism and 811 and cross-sell to existing customers will keep loan growth healthy

Strong presence across products and healthy capitalization (Tier 1 of 17.6%) place the bank in a sweet spot to capitalize on growth opportunities and gain market share.

Estimate KMB to deliver 17%/27% loan book/PAT CAGR over FY19-21, led by stable margins and a further improvement in operating leverage

Disclaimer: The above report is compiled from information available on public platforms. inChat team advises users to check with certified experts before taking any investment decisions.

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