Banking – Note – [NEUTRAL] – Moving towards sustainable growth

Aggregated 2Q25 PBT (27 listed banks) surged +17.6%yoy. The business results resulted from 1) robust credit growth, 2) a surge in investment activities, 3) higher other incomes, and 4) controllable operating expenses and provision expenses. Accumulated 1H25 PBT rose by +16.1%yoy, completing approximately 49% of the 2025 guidance.