Banking – Note – [OVERWEIGHT] – 3Q24 strong growth from the bottom

Aggregated 3Q24 PBT (27 banks) surged +17.7%yoy from a low base 3Q23 thanks to net interest incomes’ strong growth (+17.9%yoy) and moderate growths of OPEX (+9.8%yoy) and risk provision expenses (+9%yoy). Overall, the majority of large, medium, and small banks reported strong business outcomes. The aggregated 9H24 PBT rallied by +16%yoy, fulfilling 71% of the 2024 target (25 banks).