PETALING JAYA: The prospects for non-bank financial institutions (NBFIs) will hinge on earnings resilience, valuation support and selective dividend recovery amid uneven operating conditions.
While near-term headwinds persist, pockets of improvement are emerging across insurers, market infrastructure and non-bank lenders, shaping a cautiously balanced outlook.
Against this backdrop, RHB Research remained “neutral” on the NBFI sector, noting the sector performance has lagged broader equities.
“As of end-November 2025, all NBFIs under our coverage have underperformed the benchmark index,” it pointed out.
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