Quick Summary Nvidia posted a 75.2% adjusted gross margin , among the highest in Big Tech AI hyperscalers plan US$650B capex in 2026 , much flowing to Nvidia Rivals like AMD, Alphabet and Amazon are gaining traction Long-term margin sustainability remains the key investor question Margins Steal the Show While investors already expected strong demand, NVIDIA Corp surprised with something even more impressive: Adjusted gross margin of 75.2% , the highest since late 2024 — and management expects similar levels next quarter. For a nearly US$5 trillion company , that margin signals extraordinary pricing power in AI hardware. AI Spending Wave Still Intact AI hyperscalers are forecasting ~US$650 billion in capex for 2026 , up roughly 60% from 2025. Nvidia remains the primary beneficiary as demand for data centre GPUs continues to surge. But maintaining 75% margins depends on two big factors: 1️⃣ Supply Constraints Rising memory costs remain a ris...
Quick Summary
4QFY2025 net profit rose 5.7% YoY to RM2.68b
Declared 33 sen dividend
FY2025 net profit climbed 4.2% to RM10.51b
CET1 ratio improved to 15.1%, signalling strong capital buffer
Stronger Quarter Backed by Higher Interest Income
Malaysia’s largest lender, Malayan Banking Bhd (Maybank), posted a solid finish to 2025, driven by lower provisions and higher interest income.
4QFY2025 Highlights
Net profit: RM2.68 billion (+5.7% YoY)
Net interest income: RM5.8 billion (+7.6% YoY)
Other operating income: RM1.5 billion (-23% YoY)
Dividend declared: 33 sen per share
Lower impairment charges helped lift bottom-line growth despite weaker fee and trading income.
Full-Year FY2025 Performance
Net profit: RM10.51 billion (+4.2% YoY)
Net interest income: RM20.23 billion (+2.7% YoY)
Non-interest income: RM10.15 billion (+2.7% YoY)
Operating expenses: RM14.84 billion (+2.6% YoY)
Cost discipline improved slightly:
Cost-to-income ratio: 48.8% (vs 48.9% in FY2024)
Net interest margin (NIM) remained steady at 2.05%.
Asset Quality & Capital Position
Gross impaired loan (GIL) ratio: 1.28% (up 5bps)
CET1 ratio: 15.1% (post-dividend), considered strong
Key point: While impaired loans ticked up slightly, capital buffers remain robust.
Dividend & Shareholder Returns
Total FY2025 dividend: 63 sen per share (vs 61 sen in FY2024)
Reflects stable earnings and strong capital management
FY2026 Outlook
Maybank is targeting:
Return on Equity (ROE): ≥11.8% (vs 11.7% in 2025)
Strategic focus areas:
Global Islamic finance
Regional wealth management
Payments & transaction banking
Corporate & investment banking
Management emphasised continued disciplined credit management while expanding core businesses across its regional footprint.
Bottom Line
Maybank delivered steady earnings growth with solid capital strength.
While non-interest income softened and asset quality slightly weakened, higher interest income and lower provisions supported profitability.
With a strong CET1 ratio and improving ROE target, Maybank remains positioned for stable, disciplined growth in 2026.
Key Takeaways
Profit up 5.7% in 4Q
63 sen full-year dividend
Capital strength improved
Asset quality stable but closely monitored
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