AMMB reported a relatively stronger 4QFY25 results (+5.6% qoq; +7.8% yoy) while FY25 PATAMI came in at RM2.0bn (+7.1% yoy; +16% yoy on a like-for-like comparison). At the operating line, the key driver was primarily robust fund-based income growth (+8% yoy) to RM3.57bn, with NIM up 15bps yoy to 1.94%, though NOII appeared to be subdued, supported by broad-based fee income growth (wealth/fund management, Business/IB). Overall, operating income rose 5.8% yoy. Provisions and impairments were significantly lower by 56% yoy, due to reversals of provisions. FY25 NIM edged up 15bps yoy to 1.94%, driven primarily by optimization of deposit cost, resulting in cheaper term fundings, liability management as well as favorable pricing of business loans. FY25 overheads rose 7% yoy driven by personnel-related costs and investments in technology.