Public Bank’s 1Q25 net profit came in at RM1.75bn (+5.6% yoy), driven by robust NOII growth (+18.9% yoy; unit trust fees, stockbroking income, general insurance and forex gains) while fund-based income growth appeared more subdued at +3.5% yoy and -0.8% qoq. 1Q25 provisions and impairments declined yoy, while NCC remained at a very low annualized rate of 4bps, and GIL stayed benign at 0.5%, underscoring the group’s sound asset quality. 1Q25 operating income was down 1.2% qoq, though grew by 6.5% yoy.