CIMB’s 1Q25 net profit of RM1.97bn (+1.9% yoy; +9.6% qoq) was driven primarily by lower provisions (-29% yoy; -28% qoq), with 1Q25 NCC declining 9bps yoy to 26bps, and down 2bps qoq, amidst higher recoveries in Indonesia and Singapore as well as overall improvement in asset quality profile (GIL ratio down 40bps yoy to 2.2%). 1Q25 fund based income has been relatively flat yoy and qoq. Despite rate cuts which have impacted markets in Indonesia, Singapore and Thailand, 1Q25 NIM has held up well at 2.16% ( 1bp qoq; -2bps yoy). Meanwhile, given CIMB’s key strength in wholesale banking, non interest income (NOII) saw encouraging results (+11% qoq) from Trading and FX as well as expansion in fees/commission on a sequential basis. The absence of gains from NPL sales in 1Q25, resulted in an overall lower performance, -8.5% yoy for NOII, though it may pick up in the coming quarters. The group maintained overall cost discipline (1Q25: +1.1% yoy), notwithstanding its priority on Tech spending (+5% yoy) to achieve better scale and efficiency (a key commitment under FORWARD30).