Maybank’s 1Q25 PATAMI came in at RM2.59bn (+4% yoy; +2.2% qoq), accounting for 27% of our more conservative 2025E forecast of RM9.6bn vis-à-vis 25% of consensus’ more optimistic RM10.47bn (2025E). Operating income was mediocre, growing 1.8% yoy and 3.9% qoq, as fund-based income and non-interest income results became more subdued in 1Q25. 1Q25 provisions were down 21.7% yoy, though was up 14.2% qoq, with NCC coming in at an annualized 23bps (-4.4bps yoy; -4bps qoq).