Banking – Note – [NEUTRAL] – On target

Aggregated 4Q25 PBT (27 listed banks) surged +19.2% yoy and +11.3% qoq. This strong performance was driven by 1) robust credit growth, 2) recovery of service activities, 3) strong growth from other incomes, and 4) controllable operating expenses. As a result, 2025 PBT rose by +18.9% yoy, completing approximately 104% of the 2025 guidance.