1Q25 core earnings were in line with AHIB’s expectation. The positive impact from the recent SRR cut is expected to provide some cushion to NIM of which otherwise would be under more compression. Management has reiterated its 13% ROE target for 2025 despite achieving only an annualized 12.4% in the 1Q25 ROE. Management’s ROE levers in 2H25 will hinge on more robust NOII growth and pursuing its loan growth target. AHIB has maintained its FY2025 ROE forecast of 12.1% nonetheless.