Alliance Bank Malaysia (ABMB) 4QFY25 net profit rose 11% YoY to RM197.5m, driven by higher net interest income (NII) on the back of higher loans volume. Earnings were also lifted by the reduction in net credit cost on lower provisions. Full-year FY25 net profit of RM750.7m came in within our and consensus estimates, accounting for 103% and 102% respectively. We tweak our earnings forecast by an average of 1%, due to bookkeeping changes. We maintain our Neutral call on ABMB, with a reduced DDM derived TP of RM4.70 as we lower our dividend payout ratio assumption to 45% (previously c.50%), as we expect the bank to conserve capital to fund loans growth. ABMB proposed a lower second interim dividend of 9.9sen, bringing the total FY25 DPS to 19.4 (FY24: 22.3sen).