On a TTM basis through 2026Q1, pre-tax profit is currently about 633.0bn, equivalent to a pre-tax margin of 25.8%, but headline durability remains more sensitive to revaluation, while margin has narrowed by 6.1pp, pointing to greater pressure on earnings quality. The revenue mix still leans mainly on trading at 43.9% after expanding by +6.9pp, while lending is at 35.2%; brokerage and services are still 20.9% but have narrowed by 2.5pp, so diversification needs closer monitoring. On the balance sheet, Equity / Assets is 30.9% while Leverage is about 2.23x, indicating that buffers and funding are not yet truly roomy, but buffers have thinned while leverage has risen further.
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