On a TTM basis through 2026Q1, pre-tax profit is currently about 4,639.6bn, equivalent to a pre-tax margin of 46.0%, but headline durability remains more sensitive to revaluation, while margin has narrowed by 7.3pp, pointing to greater pressure on earnings quality. The revenue mix still leans mainly on trading at 64.7% after expanding by +11.0pp, while lending is at 28.3%; brokerage and services are still only 7.0% and have narrowed by 2.7pp, so diversification remains thin. On the balance sheet, Equity / Assets is 43.4% while Leverage is about 1.30x, indicating that buffers and funding are not yet truly roomy, but buffers have thinned while leverage has risen further.
Related News