Banking – Note – [NEUTRAL] – Right on track

Aggregated 3Q25 PBT (27 listed banks) surged +24.6%yoy from a low base in 3Q24 and -1.8%qoq. The business results resulted from 1) robust credit growth, 2) a strong growth in non-interest expenses, and 4) controllable operating expenses and provision expenses. Accumulated 9M25 PBT rose by +18.7%yoy, completing approximately 75% of the 2025 guidance