Banking – Note – [NEUTRAL] – Magnificent earnings growth

Aggregated 4Q24 PBT (27 banks) surged +19.6%yoy, supported by all elements: Net interest incomes with a moderate growth (+11.0%yoy), a significant growth in non-interest incomes (+32%yoy), controllable OPEX (remained CIR of 36%) and risk provision expenses (+3%yoy). Except for the outlier – NVB, the majority of banks performed well. The aggregated 2024 PBT rallied by +18%yoy, fulfilling 99% of the 2024 target.