MBB – FY17 earnings were lower than our expectations, as MBB ramped up provisioning in 4Q.

■ FY17 bottom line fell below our forecasts despite the strong core growth, as there was a sharp rise in provision expenses and a higher cost to income ratio (CIR).
■ Rising NIM fueled net interest income growth.
■ The bank’s fee income growth was driven by income from payment services and the consolidation of the insurance business.