On a TTM basis through 2026Q1, pre-tax profit is currently about 348.8bn, equivalent to a pre-tax margin of 46.7%, showing a relatively clean and sufficiently thick earnings base, with margin also improving by +4.0pp, pointing to better earnings quality. The revenue mix is now leaning more toward lending at 43.8% but narrowing by 1.2pp, while trading is down to 31.4% after narrowing by 3.3pp; brokerage and services have reached 24.8% and improved by +4.5pp, making diversification more visible. On the balance sheet, Equity / Assets is 41.4% while Leverage is about 1.41x, indicating that buffers and funding are not yet truly roomy, but buffers have thinned while leverage has risen further.
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