AMMB Holdings reported a 4QFY25 net profit of RM513.9m (+7.8% YoY, +5.6% QoQ), lifted by an increase in non-interest income (NoII), due to gain on sale of financial securities and higher insurance income. Full-year FY25 net profit of RM2bn, came in within our and consensus expectations, accounting for 103% and 102% respectively. We trim our FY26-27F earnings forecasts by an average of 3%, as we lower our loans growth assumption due to slower economic growth. As a result, our DDM derived TP is lowered to RM5.60. We maintain our Neutral call on AMMB. AMMB declared a final dividend of 19.9sen, bringing full-year FY25 DPS to 30.2sen. This represents a higher dividend payout ratio of 50% (FY24: 40%) and an attractive dividend yield of 5.6%.