Quant Note – 4Q24 wrap-up: better but will be slow down

NPAT-MI growth continues to record a very high earnings growth number, with 29.2% yoy. Even though the financial group, especially real estate, made the number go up a lot, we looked at the quality of the earnings and saw that they got better over time by looking at some signs: (1) Growth of non-financial group’s growth stayed 17.2%, and operating profit margin has been improving at the same time (4Q24: 7.2% and 4Q23: 3.8%); (2) Bank sector was good at 25% yoy in 4Q24. This was accompanied by a drop in NPLs and more provisions being made than new bad debts being formed