Banking – Note – [NEUTRAL] – Uphold a moderate growth trajectory

Aggregated 1Q25 PBT (27 listed banks) surged +14.5%yoy. If excluding the one-off incomes from SSB, the 100% stake sale of Post and Telecommunication Finance Company, 1Q25 PBT only rose by 10.9%yoy. The business results resulted from robust credit growth, higher other incomes, controllable operating expenses, and lower provision expenses – stronger performance for private commercial banks.