Alliance saw a relatively stronger 4QFY25 with net profit at RM197.5m (+11% yoy; +5.8% qoq) while FY25 net profit came in at RM750.7m (+8.7% yoy). A solid 12.3% yoy expansion in operating income was underpinned by 13.2% yoy growth in fund-based income, supported by FY25 NIM of 2.46% (-2bps yoy). NOII was flat as fees and trading gains were offset by a one-off banca expense. Alliance’s CIR ratio was still elevated at 46.8% for FY25 (though it came in below its FY25 target of <48%), largely driven by higher tech spending and personnel costs. FY25 net credit charge rose higher to 32bps vs. 25.6bps in FY24 in the absence of overlay writebacks while an additional buffer of 40bps was set aside for some corporate accounts. Loan growth, which came in at 12% yoy, was ahead of the 8-10% target set for FY25. FY25 ROE came in at 10.3%, in line with its target of >10% for the year.